Packer takes sales pitch to Sri Lanka
In a speech to delegates at the Commonwealth Business Forum in Colombo on Wednesday - a conference just before the Commonwealth Heads of Government Meeting - Mr Packer said a luxury casino resort was a necessity if Sri Lanka was to achieve its potential.
He said Sri Lanka's "ambitious" tourism targets were achievable only with the right tourism infrastructure and attractions, and cited the success of Singapore.
Mr Packer has added $3 billion to his personal wealth since July last year as shares of his casino operator, Crown Resorts, doubled in value.
The main driver of this growth was investors recognising the success of his bet on Macau, which has become a gambling mecca for mainland China.
Mr Packer hinted at Sri Lanka's proximity to India, with a growing proportion of India's population becoming wealthy.
"The demographic changes we are seeing in India and China are extraordinary," Mr Packer said.
He cited a McKinsey study that said incomes were expected to almost triple and the size of India's middle-class population could swell to 580 million by 2025.
As with China, the rising wealth of India's middle class meant more of their spending would go on leisure activities.
About 50 million people will travel overseas by 2020, compared with just 4 million in 2000, according to Mr Packer.
This middle class will need to go overseas to indulge in any gambling.
India's gambling market is limited to two states, Goa and Sikkim, and laws prevent direct foreign investment.
As with China's gambling enclave, Macau, it is India's resistance to gambling on the subcontinent that is expected to allow Sri Lanka - a four-hour flight from India's major cities - to thrive as a gambling hub.
Frequently Asked Questions about this Article…
James Packer is planning to build a $400 million luxury casino resort in Sri Lanka, aiming to boost the country's tourism infrastructure and attract more visitors.
James Packer believes that a luxury casino resort is essential for Sri Lanka to achieve its ambitious tourism targets, similar to the success seen in Singapore.
James Packer has added $3 billion to his personal wealth since July last year, largely due to the doubling in value of shares in his casino operator, Crown Resorts.
The main driver of growth for Crown Resorts has been the success of James Packer's investment in Macau, which has become a major gambling destination for mainland China.
Sri Lanka's proximity to India is beneficial because of the growing wealth of India's middle class, who are expected to spend more on leisure activities, including gambling, which is limited in India.
According to a McKinsey study cited by James Packer, incomes in India are expected to almost triple, and the middle-class population could grow to 580 million by 2025, increasing demand for leisure activities.
Sri Lanka could become a gambling hub for Indian tourists due to India's restrictive gambling laws and the country's close proximity, making it an attractive destination for those seeking gambling opportunities.
The rise of India's middle class is expected to lead to a significant increase in overseas travel, with about 50 million people projected to travel abroad by 2020, compared to just 4 million in 2000.
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