Sri Lanka gaming resorts could add $900mn to tourism revenues: report

(L-R) : Jeevith Senaratne, Director Operations - Star Garment Group; Shanaka Rabel, Group Chief Digital and Transformation Officer - Stretchline Holdings Ltd; Janaka Botejue, Chairman – Bernard Botejue Industries; Sanjeewa Kodikara, Chief Information Officer- Hirdaramani Group

July 06, 2013 (LBO) – Sri Lanka’s gaming industry could generate 900 million US dollars a year with only two 500-room integrated resorts, upping rates of city hotels, but more support facilities are needed, a research report has said. A game changing 900,000 tourists could be added within four years to Sri Lanka’s current tourist arrivals of one million within four years, a report by CAL Research, an equities research house said.

About 600 dollars per person could also be to gross domestic product assuming a multiplier of 4.5 helping achieve a 4,000 dollar per capita GDP state a target, the report said.

In 2012 Sri Lanka’s entire tourism industry had about a billion US dollars in revenue with one million arrivals.

But a shortfall of 5,000 rooms in the city and 78,000 staff as well as a lack of ancillary entertainment, shopping and dining facilities could keep visitors down.

Sri Lanka is expecting 2.5 million tourists by 2015, but CAL’s own projections earlier – without gaming resorts – have been lower.

Each 500-room integrated resort could gross 220 million US dollars after 2016/2017 CAL Research said.

Australia’s Crown is expected to start building a 430 room casino resort within the next six months, w

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