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.

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


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» VFIN / VPEL / PABC - Share SPLIT or VTWO ?
by WealthKing Today at 8:33 am

» Lanka Walltile PLC Investment Case
by EquityChamp Today at 7:49 am

» Which is the best at current market condition ? ( At least 30% within 30 Days)
by Mithooshan Today at 7:47 am

» VPEL VPEL VPEL
by stockchaser Today at 7:15 am

» DIPD/HAYC/HAYL
by Harry82 Today at 5:46 am

» If you buy a stock that’s not going up in price, you won’t make any money. STOCK market for beginners
by dayandacool Yesterday at 11:48 pm

» ROYAL CERAMICS PLC (RCL.N0000)
by shan31 Yesterday at 11:22 pm

» LANKA ALUMINIUM INDUSTRIES PLC (LALU.N0000)
by Jana Yesterday at 11:15 pm

» B P P L HOLDINGS PLC (BPPL.N0000)
by Harry82 Yesterday at 9:40 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by learningthemarket Yesterday at 8:18 pm

» Daily Foreign Transactions
by Pradeep90 Yesterday at 7:55 pm

» LOLC Share Price
by EGG Yesterday at 5:59 pm

» L B FINANCE PLC (LFIN.N0000)
by Venu123 Yesterday at 2:06 pm

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by Eranga87 Yesterday at 1:55 pm

» Windforce IPO
by lokka1 Yesterday at 9:50 am

» Will the Market Sluggish ?
by stockchaser Yesterday at 9:20 am

» VPEL high return share
by stockchaser Wed Apr 14, 2021 6:47 pm

» TESS Agro PLC
by spksd Wed Apr 14, 2021 6:21 pm

» Crypto , Digital Currency Trading , Forex
by Dilip Wed Apr 14, 2021 5:09 pm

» EASTERN MERCHANTS PLC (EMER.N0000)
by Mr. X Wed Apr 14, 2021 12:07 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka Plans Its Own Mini Vegas

Sri Lanka Plans Its Own Mini Vegas

Go down  Message [Page 1 of 1]

1Sri Lanka Plans Its Own Mini Vegas Empty Sri Lanka Plans Its Own Mini Vegas Mon Jun 30, 2014 7:59 am

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
This story appears in the July 21, 2014 issue of Forbes Asia.

In the heart of Colombo, next to a lake, John Keells Holdings, Sri Lanka’s largest listed conglomerate, has giant excavators preparing the foundation for its new resort, the biggest in the country.

The $820 million project–the largest investment by a domestic company here–includes an 800-room luxury hotel, conference venues, a shopping mall, residential apartments, an office complex and the special attraction for Asia’s offshore tourist trade: a casino.

Since the end in 2009 of a 26-year civil war that gripped much of the attention on Sri Lanka, foreigners are rediscovering the island nation’s swaying palm trees, stunning views of the Indian Ocean and spicy food.

Tourist arrivals grew more than 20% a year from 2009 to 2012, versus 5% from 2004 to 2008, says Acuity Stockbrokers in Colombo. Last year was another banner increase–tourist arrivals hit 1.3 million in the year ending in March, with Chinese visits especially picking up. India remains the largest source.

John Keells is targeting the newly affluent in those two countries. (As it happens, when the UN Human Rights Council in March opted to investigate allegations of war crimes in Sri Lanka–a particular vexation for the government that triumphed over Tamil separatists–China voted against the resolution while India abstained.) But an aspect of the plan, as with many things in these parts, stirs political division.

Protesters think casinos aren’t a winning bet

Sri Lanka’s largest company, John Keells was set up by two Englishmen in the 1870s as a brokerage. Today it also makes food and beverages, runs supermarkets and hotels, and has investments in banks and ports. In a business sector typified by family-controlled entities, it is held 56% by foreign institutional investors.

“Soon after the war ended we decided that Sri Lanka was the place to be,” said Susantha Ratnayake, 55, the group chairman, in an interview at the company headquarters attached to the sprawling Cinnamon Lakeside Hotel, one of its two five-stars in the capital. On another side of this lake–which still goes by its Dutch name, Beira–is where Keells’ resort is under construction.

Group revenues have doubled since 2009 to $675 million in 2013, while net profits similarly rose to $107 million in the same period. The company has made appearances on FORBES ASIA’s Best Under A Billion honor roll.

Noting that more Indians were traveling to places like Singapore, Malaysia and Macau, where they were the source of “considerable” gross gaming revenue, Keells executives decided that postwar a new regional tourism strategy was in order.

“Why shouldn’t we get some of that traffic and those dollars,” says Ratnayake. “We thought about what has kept the Indians back so far. [The answer was that] you need high-end shopping and entertainment. We also knew that if we enter any new business, it has to have scale.”

Result? The so-called integrated resort that is due to open by 2018.

“To quote [American mogul and chairman of Las Vegas Sands] Sheldon Adelson, just build it [a casino] and people will come,” says Ratnayake.

Sri Lankan officials want to double the foreign tourist count to 2.5 million by 2016. To attract development, they’re offering ten-year tax breaks on income generated from visitors apart from gambling. Meantime, they’ve designated a street along Lake Beira for new casinos–like a mini Las Vegas.

John Keells will get competition from Dhammika Perera, one of the richest men in the country, and Australian billionaire James Packer, both of whom also have gambling resorts in the works in the government-designated strip. (The Keells layout, which sits on land it has owned for several years, is nearly a mile away but received special permission.)

Perera’s project, the Queensbury Integrated Resort & Casino, includes a 500-room hotel, a mini convention center and its own shopping mall. Packer’s entry, in tandem with Sri Lankan promoter Ravi Wijeratne, is priced at $400 million and is said to be emphasizing celebrity chefs. (The Aussie also has casinos in Macau, London and Perth.)

The big dreamers in this field must split the existing five gambling licenses in Sri Lanka, now used in lesser joints and held by–wouldn’t you know it–Perera (three) and Wijeratne (two). So John Keells is in talks to bring in an international gambling operator to then acquire a license from either of the two men.

Though the government will keep the license cap in force, these new developments are not without their share of controversy.

In April as approval neared for enabling legislation, Buddhist religious leaders and hundreds in the political opposition marched in Colombo to protest, saying major casinos would spread prostitution and degrade the country’s morals. The Packer project, which reportedly is especially rich in tax breaks, drew special ire.

Local LOCM -0.62% partner Wijeratne dismisses the criticism, saying, “Political parties don’t look at facts.”

Meantime, a half-mile from these gambling resorts international hotel operators like Shangri-La, Hyatt and India’s ITC are building on land that until recently housed military units. With relative peace–the country still suffers outbreaks of ethnic strife–the soldiers have moved out from the ocean-facing strip and the deluxe accommodations are going in.

The whole push, says John Keells vice chairman Ajit Gunewardene, 56, is necessary to put Colombo on the luxury tourist map, 30 years after its last face-lift and now with an ?expanded world of jet-setters.

“When you get $40 a day and have 50% occupancy, all you do is survive,” he says. “There was no way that you could go sell to a new market because of the conflict.”

He adds, “We need the brands. It’s about creating the new Colombo and the new Sri Lanka.?… They’re bringing us into the 21st century. We were languishing, almost, in the preindependence era.”

2Sri Lanka Plans Its Own Mini Vegas Empty Re: Sri Lanka Plans Its Own Mini Vegas Mon Jun 30, 2014 1:53 pm

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
It seems only a matter of time. May be after the Presidential election.

Back to top  Message [Page 1 of 1]

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