Crown confirms Sri Lanka talks

Crown (CWN) has confirmed it is in detailed discussions with the Sri Lankan government and possible joint venture partners about developing a five-star integrated resort in Colombo, Sri Lanka.

In a statement to the Australian Securities Exchange, Crown said the total project cost to the joint venture would be approximately $US400 million ($A419.6 million) and the project is subject to final agreement between joint venture parties and other approvals.

Crown said the country’s parliament and board of investment are considering whether to grant investment approvals for the project.

The casino operator said Crown Sri Lanka will have approximately 450 rooms and suites, dining and entertainment offerings, conference and event spaces, gaming areas and retail outlets.

Crown chairman James Packer said the country has “huge tourism potential”.

“A Crown integrated resort would help redefine luxury tourism in Sri Lanka and play a significant role in helping to drive increased international in-bound tourism, especially from India and China,” Mr Packer said.

“It is expected that the resort would employ around 2,500 Sri Lankans.”