FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» Latest Financial Status and Future Outlook of SMB Finance PLC
by ChatGPT Yesterday at 11:15 pm

» Latest Financial Status and Future Outlook of Overseas Realty PLC
by ChatGPT Yesterday at 11:00 pm

» Latest Financial Status and Future Outlook of Merchant Bank of Sri Lanka & Finance PLC
by ChatGPT Yesterday at 10:55 pm

» McDonald’s අපේ නෙමෙයි අපේ බෝස්ගේ – අබාන්ස් කියයි
by ChooBoy Yesterday at 10:19 am

» AI Assistance for Stock Market Research and Analysis
by ChatGPT Yesterday at 7:12 am

» Comparative Analysis of the Insurance Sector
by God Father Tue Mar 26, 2024 11:46 pm

» Sri Lanka: Why Pay Exorbitant Taxes?
by ChatGPT Tue Mar 26, 2024 10:52 pm

» LANKA CREDIT AND BUSINESS FINANCE PLC (LCBF.N0000)
by K.R Tue Mar 26, 2024 3:15 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by D.G.Dayaratne Tue Mar 26, 2024 9:11 am

» SIYAPATHA FINANACE PLC (SLFL.N0000)
by ChatGPT Tue Mar 26, 2024 7:58 am

» FINANCE AND LEASING SECTOR
by ChatGPT Mon Mar 25, 2024 6:45 am

» LOLC FINANCE PLC (LOFC.N0000)
by ChatGPT Mon Mar 25, 2024 6:36 am

» CIC HOLDINGS PLC (CIC.N0000)
by ChatGPT Mon Mar 25, 2024 6:18 am

» UNION ASSURANCE PLC (UAL.N0000)
by ChatGPT Mon Mar 25, 2024 6:15 am

» First Capital Holdings PLC: Current Financial performance and future outlook
by God Father Sun Mar 24, 2024 10:58 pm

» LankaBizz: Sri Lanka's First ever Artificially Intelligent (AI) Business and Research Assistant
by God Father Sun Mar 24, 2024 7:27 am

» HOTEL AND TRAVEL SECTOR
by ErangaDS Wed Mar 20, 2024 7:22 am

» CIC Holdings Good Times Ahead
by ashan silva Mon Mar 18, 2024 11:00 am

» EPF Fund keep eye on low P/E Shares
by K.R Mon Mar 18, 2024 8:45 am

» SINS - the Tailwind effects of a crisis hit Economy
by Hawk Eye Mon Mar 18, 2024 8:37 am

» Ceylon cold stores
by Hawk Eye Mon Mar 18, 2024 8:25 am

» Asha securities Provide buy signal for CIC
by ddrperera Fri Mar 15, 2024 1:10 am

» CSE ready for another Downtrend?
by D.G.Dayaratne Thu Mar 14, 2024 11:24 am

» LankaLAW Forum : Sri Lanka’s #1 Discussion Platform for Legal Questions and Answers
by blindhog Thu Mar 14, 2024 9:14 am

» Sri Lanka poised to benefit from demand surge for ‘non-China origin’ graphite
by samaritan Wed Mar 13, 2024 1:31 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube

Disclaimer
FINANCIAL CHRONICLE™ Disclaimer

The information contained in this FINANCIAL CHRONICLE™ have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever. Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, FINANCIAL CHRONICLE™ blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

Further the writers and users shall not induce or attempt to induce another person to trade in securities using this platform (a) by making or publishing any statement or by making any forecast that he knows to be misleading, false or deceptive; (b) by any dishonest concealment of material facts; (c) by the reckless making or publishing, dishonestly or otherwise of any statement or forecast that is misleading, false or deceptive; or (d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular. Any action writers and users take in respect of (a),(b),(c) and (d) above shall be their own responsibility, FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental violation of securities laws of any country, damages or loss arising out of the use of this information.


AI Live Chat

You are not connected. Please login or register

Sri Lanka rolls dice on mega-casinos

Go down  Message [Page 1 of 1]

1Sri Lanka rolls dice on mega-casinos Empty Sri Lanka rolls dice on mega-casinos Fri Sep 06, 2013 6:21 pm

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Sri Lanka rolls dice on mega-casinos
By James Crabtree in Colombo

Faced with the necessity of reviving an economy ravaged by two decades of civil war, Sri Lanka’s President Mahinda Rajapaksa is poised to make a particularly large wager: that the world’s biggest gambling groups want to flock to the south Asian island to set up a series of new mega-casinos.
Within weeks Mr Rajapaksa is set to green-light a $400m casino in the capital Colombo, co-owned by Australian tycoon James Packer’s Crown group – the first step in a plan to mimic Singapore’s success establishing a new regional gaming hub.

A second large-scale operation is being planned virtually next door, part of an approximately $700m hotel-and-retail complex from the nation’s largest listed company by revenue, John Keels Holdings, in what is one of the largest investments ever made by a Sri Lankan business.
Casinos are booming across Asia, with Singapore showing especially striking growth since legalising gaming in 2009. It now boasts two large facilities, run by US tycoon Sheldon Adelson and Malaysian gaming group Genting, with combined annual revenues of about $6bn.
This puts it roughly on par with the celebrated Las Vegas Strip. Yet both pale next to the enclave of Macau, the only place where gambling is legal in China, which reported gaming revenues of $38bn in 2012, up 13.5 per cent on the previous year.

Sri Lanka is clear which model it plans to emulate. “We want to be a family destination, like Singapore,” says Ravi Wijeratne, the head of Rank Holdings, the local company that will co-own the first planned property with Mr Packer. “We don’t want to be a new Macau or Vegas, no way.”
Family-friendly or not, it is a risky move, and one that will pay out only if the island can attract many more high-end tourists. This means in particular tempting visitors from neighbouring India – whose numerous high-rollers are frustrated by widespread gambling bans – as well as from China and Europe.
The operator of John Keels’ casino is yet to be announced, but one person with direct knowledge of the matter says it is set to be run by another leading international gaming group. “All of the big players are interested, and talks are happening,” the person says.
Some analysts say Hong Kong-based gaming mogul Stanley Ho is also considering investment options on the island, while others reckon the government will eventually give permission for more mega-casinos – potentially creating one of the largest gaming clusters in Asia. Beyond the two existing facilities, there may be “another couple more, not more than that”, says Mr Wijeratne.
Others believe Sri Lanka’s plans are bolder still – and are worried.
“My fear is that government basically wants Sri Lanka to become a sort-of Macau for India,” says Harsha Da Silva, an economist and parliamentarian for the nation’s main opposition party. “And if people like Stanley Ho or the American gambling groups do come here, we will be looking at five or six huge casinos in the next few years in Colombo . . . and can we really attract enough people to fill them all? I doubt it.”
Mr Rajapaksa’s government is coy about any such grand plans. In part this is because it fears public opposition in the Buddhist-majority island, whose influential monks take a dim view of sinful pastimes. There have been other spats too, with critics like Mr Da Silva claiming Mr Packer has won overly generous tax concessions.

Officially, the government says it is not actually giving permission for any new casinos at all. Instead, the island’s existing half-dozen or so seedy gambling joints will have to transfer their licences to the new, more glamorous projects.
Yet the two initial projects look set to go ahead, representing a big roll of the dice for Sri Lanka’s postwar economy – especially since it has so far failed to attract much foreign direct investment, given investor concerns about the creeping authoritarianism of Mr Rajapaksa’s family-dominated government.

For the casino companies themselves, the gamble is just as big, not least because Sri Lanka is not alone in its courtship of global gaming groups.
“The Philippines are already coming up with big properties, Vietnam and Cambodia are coming up too,” says Mr Wijeratne. “Even now we are having to upgrade our plans a little. We originally planned for a $350m investment, but we will at the end of the day be more like $400m. We have to compete.”

http://www.ft.com

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum