Sri Lanka Crown project gets investment nod, tax breaks

July 19, 2013 (LBO) – Sri Lanka’s Lake Leisure Holdings (Pvt) Ltd, a gaming resort joint venture with Australia’s Crown group is being given sweeping tax breaks according to a government notice. Sri Lanka is expecting to boost up market tourists with gaming resorts which analysts say will push up city hotel rates, but other support infrastructure are also needed.

Another large resort by Sri Lanka’s John Keells Holdings has been given similar incentives.

Update II
Sri Lanka’s investment promotion minister has given notice of a 10-year income tax holiday and 6 percent tax for a further 12 years and project capital goods to be exempt from import duties and value added tax.

Lake Leisure is a joint venture between Australian gaming tycoon James Packer and Sri Lankan entrepreneur Ravi Wijeratne’s Rank Holdings.

It has committed to invest at least 350 million dollars in the project which will include “a minimum 400 room hotel with meeting and convention facilities, gaming activities, fine dining restaurants and other associated facilities,” the government notice said.

The notice is issued under Sri Lanka’s strategic investment law where special tax breaks are giv