Update: Packer pulls the plug on $400m SL casino project

Saturday, 31 January 2015 - 8:27

Australian billionaire James Packer's Crown Group said it will not go ahead with a proposed plan to develop a 400 million Dollar luxury hotel and resort in Sri Lanka, following a decision by the Sri Lankan government to scrap tax concessions for the project.

Sri Lanka's government decided to cancel generous tax concessions for three foreign resort developments – including Packer's resort – and said it would not issue them licenses to run casinos.

A spokeswoman from Crown said the company respected the decision and on that basis the project would not be going ahead.

Minister of Finance Ravi Karunanayake announced the new regulations on casino’s during the recent interim budget.

Related story published below :

Packer's Crown pulls plug on $400m SL casino plan