Crown’s Sri Lanka casino resort venture to cost us$ 400 million

Crown, controlled by billionaire Chairman James Packer, also said it’s seeking joint venture partners for the project. 

Sri Lanka, for decades a destination for backpackers, religious pilgrims and beach-lovers, is building high-end hotels and casinos to woo wealthier tourists from India and China as it seeks to emulate the success of Singapore and Macau. The resort will join a growing lineup of luxury Colombo hotels, including a us$ 400 million beachfront Shangri-La, the Taj group’s upgraded five-star Samudra Colombo, and a John Keells Holdings gaming resort.

“It is Sri Lanka’s time to shine in Asia,” Packer said in the statement. The resort would “play a significant role in helping to drive increased international in-bound tourism, especially from India and China.”

Packer is also seeking to develop a hotel for high-rollers in Australia’s largest city Sydney, as well as projects in Macau and the Philippines via Crown’s 34 percent stake in Melco Crown Entertainment.

Crown also has a chance to build a resort in the Australian city of Brisbane after Queensland state’s government October 14 said it would accept applications to redevelop a riverfront site in the state capital.

Crown is “very interested in pursuing an integrated resort in Brisbane,” Packer said in an e-mail last week, “but of course that depends on the Queensland government’s future regulatory framework and is still under consideration”.