The government of Sri Lanka has approved a hotel and leisure resort deal with Australian gambling tycoon James Packer’s Crown Ltd, but the investment is likely to increase from the original $350m. The finalisation of the deal was delayed because the Sri Lankan government was asking Lake Leisure Holdings, the joint venture between Crown and its local partner, Rank Entertainment, to change its construction plan.
Investment Promotion Minister Lakshman Yapa Abeywardena said the government had approved the deal with two towers in the original location given to the joint venture, instead of one. “Cabinet approved the tax concessions for the strategic development project of Lake Leisure Holdings. Now it will go to the parliament,” said Mr. Yapa. “The agreement is for $350m. They have done some alterations, so it might increase.”