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12/09/13 - 10 year tax holiday for casino hotels decided in Sri Lanka

Photo: Ballys Casino, Colombo, Sri Lanka

 

A Sri Lankan company set up to build a $US350 million  resort with investments by Crown Chief James Packer was given a prime lake-front property in the capital three months ago while the second casino will be built nearby by local firm John Keells Holdings.

 

"Both the mixed developments will receive a 10-year tax holiday for their hotel part of the operation," Rambukwella told reporters. "The gaming part of the operation is not covered by the tax holiday."

 

Sri Lanka is banking on high-end casinos to attract high-rollers and boost tourist arrivals to 2.5 million by 2016 from the current level of about a million tourists a year.

 

The tourism industry on the Indian Ocean island, famed for its beaches and wildlife, has boomed in the last four years after the end of a decades-long civil war in which more than 100,00 people died.

 

The John Keells investment will be $US650 million but it could rise to $US850 million according to the company.

 

Lake Leisure, a group involving Packer's Crown group, is expected to build a 400-room luxury hotel along with a casino.

 

Since his father Kerry's death in 2005, Packer has moved the family business away from its traditional media operations and focused on creating Crown, a worldwide gambling empire.

 

Asian high-rollers, particularly the growing ranks of wealthy Chinese, are said to be his target.

 

Casinos and horse-racing bookies have been operating in Sri Lanka for decades, exploiting loopholes in the law to evade a ban on gambling which was lifted only in 2010.

 

Official documents seen by AFP showed that both companies will enjoy a reduced tax rate after their tax holiday ends after 10 years. The two companies will pay half of what similar businesses would be charged for the next 15 years.

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