New delays for Packer in Sri Lanka
The changes will delay the passage of legislation granting tax concessions to the project. The legislation was scheduled to go before Parliament this week.
Sri Lanka's Investment Promotion Minister Lakshman Yapa Abeywardena said the decision to alter the deal's terms came after opposition politicians said Crown was getting concessions not given to local entrepreneurs. Buddhist leaders also said the casino could be detrimental to Sri Lanka's culture.
The deal has already been delayed once after the government asked Lake Leisure Holdings, the joint venture between Crown and its local partner Rank Entertainment Holdings, to change its construction plans.
The deal has been approved by Sri Lanka's cabinet and is expected to win approval from the Parliament because President Mahinda Rajapaksa's ruling coalition has more than a two-thirds majority.
Frequently Asked Questions about this Article…
James Packer's $400 million casino resort project in Sri Lanka is facing further delays due to opposition from religious leaders and politicians, which has led to changes in the tax concessions initially granted to the project.
The delays are primarily due to opposition from religious leaders and politicians who are concerned about the tax concessions given to Crown Resort's consortium, as well as the potential cultural impact of the casino.
The Sri Lankan government has altered the terms of the tax concessions after opposition politicians argued that Crown was receiving benefits not available to local entrepreneurs.
The project is facing opposition from religious leaders, particularly Buddhist leaders, and some politicians who are concerned about its impact on Sri Lanka's culture and the fairness of the tax concessions.
Yes, the project has been approved by Sri Lanka's cabinet and is expected to receive approval from Parliament, as the ruling coalition holds a significant majority.
Lake Leisure Holdings is the joint venture between Crown and its local partner, Rank Entertainment Holdings, responsible for the casino resort project in Sri Lanka.
The initial delay occurred when the Sri Lankan government requested changes to the construction plans of the casino resort.
Despite the delays and opposition, the project is expected to eventually gain approval from the Sri Lankan Parliament due to the ruling coalition's strong majority.
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