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Sunday, 23 June 2013

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Crown invests on mixed development project

The Australian-based Crown group will invest US$ 350 million on a mixed development project along with a Sri Lankan investor, Investment Promotion Minister Lakshman Yapa Abeywardena said.

He said certain elements levelled baseless allegations to obstruct the inflow of foreign investments. The Government grants permission to mixed development projects under the strategic development act and the amount of investment should exceed US$ 250 million. The Government has granted permission to mixed development projects on these grounds, he said. The proposed project is purely a tourism promotion project, he said.

Minister Abeywardena was addressing the media at the Media Ministry.

He said those who criticise casino clubs are silent on the gambling dens operating at village level.

He said the project to be implemented by Crown will consist of a star grade hotel with 400 rooms, restaurant and various recreation facilities targeting foreign tourists.

The arrival of tourists is expected to increase to 2.5 million by 2016 and the facilities in the industry should also be improved, according to the Minister.

There are already casino clubs in Sri Lanka. These clubs are located close to schools and religious places, the Minister said. The Government has decided to reserve the D.R. Wijewardene Mawatha area for casino clubs as announced in the Budget 2013, Minister Abeywardena said.

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