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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CASINOS AND OPPOSITION

CASINOS AND OPPOSITION

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1CASINOS AND OPPOSITION Empty CASINOS AND OPPOSITION Tue May 06, 2014 8:24 am

gagamini


Manager - Equity Analytics
Manager - Equity Analytics
An opposition has erupted in the recent  past against casinos with the approval of two mega projects that have to come up in suburb of Colombo . We have to look back and see Are these casinos a new development  to our country ? . Answer is  No . Those  have been there for more than two decades in legal manner , if I am not wrong , and what sought of social destruction had  them done to our society . As I know those casinos which are operated in the suburb of Colombo at the moments are restricted only to foreigners and wealthy people  of the Colombo society . Even an ordinary person can not get  access to  them . Is the  prostitution operating in those places at the moment ? The answer is yes . The reality is in the night life of Colombo it is part and parcel of it . That does not mean that I approve those as correct but we have to face to the reality .

Those who oppose to this new development does know what is going around but they do that for their political survival . If go back to 1980 era and when the KANDALAMA hotel project was planned to come up ,  Mrs Sirimao Bandaranyke led opposition  opposed to it . The priests of the country opposed to it . Their slogan was that  putting up a  tourist hotel in a sacred city of Dambulla would badly affect our cultural values of the area and the country . It would be a thriving ground for prostitution . Did that happened as then opposition opposed ?  The irony was that Mrs B. used to visit Culture Club of that hotel  and stayed . Instead of a destruction ,  today villagers and people in the vicinity are benefited of it . Fate  of those two new projects too would be the same .

Those proposed new casino  if they are to be established would be coming in 5 star hotels . Who could go to those places . Can an ordinary person go there ? . Answer is NO .  That would be  only for foreigners or wealthy Sri Lankans as it happens now . Where is the difference ?  So why this opposition ?

We have got to think twice .



Last edited by gagamini on Tue May 06, 2014 9:01 am; edited 1 time in total

2CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Tue May 06, 2014 8:57 am

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
According to my knowledge main opposition UNP like this type of projects. But their concern is tax exemptions. Without any tax they can run this casinos upto 2042. So
what is the benefit of the country. Do we have to wait until 2042 ? If I am incorrect let me know.

3CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Tue May 06, 2014 9:18 am

gagamini


Manager - Equity Analytics
Manager - Equity Analytics
@hettdas wrote:According to my knowledge main opposition UNP like this type of projects. But their concern is tax exemptions. Without any tax they can run this casinos upto 2042. So
what is the benefit of the country. Do we have to wait until 2042 ? If I am incorrect let me know.

That is something to be discussed separately instead of totally opposing it . We have to give tax exemptions to attract this kind of investors to our country and do not forget casions are a small part of the whole project . They are hotels for tourists and what about the other incomes deriving the country directly and indirectly .

As far as tax exemptions are concerned it is 15 year tax break . However , they are not exempted from VAT to my knowledge

4CASINOS AND OPPOSITION Empty CASINOS AND OPPOSITION Tue May 06, 2014 12:52 pm

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
This is an issue that every person should think rationally weighing the good and the bad, benefits and ill effects to the country as a whole.
In todays economy, we have to keep up with the times to move forward. Due to limited resources, one of the options available for countries like ours is to promote tourism. While promoting green tourism, culture and history for travellers, we should also look at the multi rich travelling the globe to places like Bali, Vegas, Gentin Highlands, etc and cater to this market too.
We already have few Casinos, but our leaders opposing this culture are turning a blind eye to Horse racing which is most destructive force for ordinary persons.
I hope some body could consider a rational solution as follows.
In deep south, we have an International Airport in Mattala and the Harbour in Magampura. There is ample undeveloped land in the area. The highway will connect deep south to other parts of the country soon. Why cannot we create a gaming and entertainment zone here like Las Vegas and Gentin Highland. If we get the investors to build Casinos,Hotels, Leisure Parks as in Disneyland, etc. in this area, the country will benefit immensely. There won't be a problem of evicting residents like happening now with widening of roads.Tourist can come in direct to Mattala by air, Magampura Harbour can be developed to accomodate Yachts to attract filthy rich. The Gambling will be away from Colombo and other areas but Southern Highway will give easy access for tourists to travel back and forth and even locals to visit leisure parks. Even the South will develop rapidly.
There might be flaws in this idea. But isn't this a better way to get the best from a bad situation.

5CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Tue May 06, 2014 1:23 pm

gagamini


Manager - Equity Analytics
Manager - Equity Analytics
@bandulawee wrote:This is an issue that every person should think rationally weighing the good and the bad, benefits and ill effects to the country as a whole.
In todays economy, we have to keep up with the times to move forward. Due to limited resources, one of the options available for countries like ours is to promote tourism. While promoting green tourism, culture and history for travellers, we should also look at the multi rich travelling the globe to places like Bali, Vegas, Gentin Highlands, etc and cater to this market too.
We already have few Casinos, but our leaders opposing this culture are turning a blind eye to Horse racing which is most destructive force for ordinary persons.
I hope some body could consider a rational solution as follows.
In deep south, we have an International Airport in Mattala and the Harbour in Magampura. There is ample undeveloped land in the area. The highway will connect deep south to other parts of the country soon. Why cannot we create a gaming and entertainment zone here like Las Vegas and Gentin Highland. If we get the investors to build Casinos,Hotels, Leisure Parks as in Disneyland, etc. in this area, the country will benefit immensely. There won't be a problem of evicting residents like happening now with widening of roads.Tourist can come in direct to Mattala by air, Magampura Harbour can be developed to accomodate Yachts to attract filthy rich. The Gambling will be away from Colombo and other areas but Southern Highway will give easy access for tourists to travel back and forth and even locals to visit leisure parks. Even the South will develop rapidly.
There might be flaws in this idea. But isn't this a better way to get the best from a bad situation.

I totally agree with you .

6CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Tue May 06, 2014 9:37 pm

schemer


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
concerns regarding prostitution related to casinos are very valid.
why not try to bring other form of investment such as industries and agriculture etc?
casinos will not create any jobs other than prostitutes, mafia , contract killers , cooli thugs etc.
we cant compare vegas and Colombo. usa is a big country and a big economy .so they can control the effects.
but sri lankas situation is opposite.

7CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Tue May 06, 2014 10:28 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Pros & cons of this kind of investment project should be impartially scrutinized & measured in real economic & social terms leaving behind filthy political practices in this country. Remote location with easy access, strict limitation to foreigners & the protection of social ethics will smooth the vociferous opposition towards this project. Non transparency of the entire project waxed with political drama, is the main cause for vehement outcry. Also, tax concessions spreading over a period is questionable that counts the payback time to common public. Open discussion can bring forward the clear policies & procedures for implementation within the legal framework protecting the social values. Stained credibility has to be varnished again to portray gloomy picture. Constant injecting of foreign capital will be the major factor of concerned growth of the economy in this part of the world.

8CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Wed May 07, 2014 2:16 am

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Only traitors go against these projects. Sri Lanka needs money & we always have had casinos.

9CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Wed May 07, 2014 2:52 pm

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
It is good to know the readers here have a lot of sense unlike our politicians. JHU politicians have been going with the government not mindful of the people who they represent, but on this issue they are protesting to get on the good side of people. JVP will protest against anything if it involves the rich. The UNP who brought in Casinos including Joe Simms, legalised gambling are protesting mainly because of the zero tax issues. The Government could promote a low tax gaming zone in deep south instead of zero tax. Hope somebody could propose the setting up of the Casinos in around Hambantota with low taxes in the first years so that country could benefit. With the taxes so earned the Government could take out or reduce the taxes on drugs, essential foods, etc and let the benefits flow down to the masses.

10CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Thu May 08, 2014 10:07 am

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Whoever go against Casino dont have a clue how long we have been operating it. Casino is not a common man's gambling. We can generate at least some money from sudddas.
Shame these religious leaders dont get it.

11CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Sat May 10, 2014 8:05 am

gagamini


Manager - Equity Analytics
Manager - Equity Analytics
At last the government has realized the reality of the Casino saga . The opposition parties who oppose to it  do it only for their political gain  and nothing more than that . Main UNP would oppose for anything  for the sake of opposing whether it is good or bad . No need to talk about other small political parties who have done nothing much for the country in the past .

No religion would say yes to gambling as it is against religious principals . Still the dilemma is that these things are not new to our country . As stated in the FT , they are operating them since 1980 in legal form and only difference is shifting their business location . Further  if somebody is genuinely oppose it that would be due to  unnecessary fear that it could create a chain of other illegal activities .  History itself  has proved in certain incidents that it was no so .

Every good thing could have bad effects . We need to weigh the good and bad effects  and if more good and less bad ,then we should go ahead with it . Nothing would be perfect in the world .

12CASINOS AND OPPOSITION Empty Re: CASINOS AND OPPOSITION Sat May 10, 2014 9:12 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Dhammika will be able to operate the Casino @ Queensbury  Very Happy 

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