Colombo’s new casinos: A high risk venture?
November 26, 2013
At the recent Commonwealth Business Forum in Colombo, the Australian tycoon who is the key investor in the much-touted ‘Iconic integrated resort’ with a casino which is to be built in Colombo was a star performer. A local newspaper quoted him as saying, “Nothing will stop Sri Lanka from becoming a top end gambling Mecca.” A profound prediction for this thrice-blessed Dhamma Dweepa!It is difficult to access any definite information on the current status or dimensions of his proposal, especially in the context of existing law – the Casino Business Regulation Act No. 17 of 2010, which inter alia requires that the minister issues a license to a casino and that the minister specifies a designated area for the casino to operate. But it seems certain that the project is going ahead and that it has been offered some unprecedented and stunning concessions to attract the investment.
