Sri Lanka’s third integrated resort to have foreign investment

Dec 03, 2013 (LBO) – Sri Lanka’s third integrated resort in Colombo with a 300 million US dollar investment will have 80 percent foreign investment, officials said. Tax breaks for the two projects were delayed following protests.

Sri Lanka’s Rajapaksa administration has come under fire for lowering gaming taxes to 5 percent and lifting value added tax while basic foods of the poor are taxed at high rates to partly to satisfy nationalist production lobbies.

Investment promotion minister Lakshman Abeywardene said an agreement has been signed with Sri Lanka’s Board of Investment for the Queensbury project, a name given to an integrated resort promoted by Sri Lanka’s gaming tycoon Dhammika Perera.

BOI director general Lakshman Jayaweera said and relevant gazette notice for tax breaks is being prepared.

The Queensbury project is expected to be the third integrated resort, limiting casinos in the city to three.

India’s Delta Corp has said it is involved in a casino project in Sri Lanka.

Officials however declined to name investors but said 80 percent of the investment for the project would be foreign. It will be built on land leased from th