Sri Lanka Puts Nail In Coffin For Crown CasinoGovernment Finally Gives Hard 'No' To Gambling |
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Crown Resorts Ltd. has announced that it won’t any longer be pursuing a $400 million casino project in Sri Lanka after the government there said it won’t approve any casinos in the city of Colombo.
Crown, which is led by billionaire Australian businessman James Packer, was planning a casino-resort in the center of the city.
The Sri Lankan government has been flip-flopping on casinos.
In 2013, the nation approved Crown’s project. In early 2014, it changed its mind and said Crown couldn’t proceed. Later in 2014 it signaled that Crown’s project had the green light. Now, in early 2015, the proposed casino appears dead for good.
The issue centered on gambling. The government apparently would still let Packer build a hotel-resort in the city, but it doesn’t want gambling to be involved.
Sri Lanka is located off the tip of India in the Indian Ocean. The island is 65,610 square kilometers and has a population of 20.2 million people. The Colombo metro area has about 5.6 million.
The end of the Crown project also likely ends the country’s plans to replicate the gambling industries of Macau and Singapore, which are among the richest in the world.
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