Analysts estimate Crown’s project will reach USD 3 B
Packer project in danger after Sri Lankan election
2015-01-12
Reading time 43 seg
(Sri Lanka).- Gaming billionaire James Packer is tipped to nix a plan to build a USD 400 M casino and hotel in Sri Lanka after the country elected a new president who is opposed to the project. Former health minister Maithripala Sirisena defeated long-ruling Mahinda Rajapaksa after surprising many on the island nation by announcing his rival candidacy back in November.
It is the current policy of Mr Sirisena and his new party, the New Democratic Front, to oppose the proposal developed by John Keells Holdings, which Crown Resorts is involved with as part of a joint venture.
“To commit any money to a developing country like Sri Lanka, Crown would need regulatory certainty, tax breaks and full license for a casino,” an analyst, who declined to be named, told The Australian Financial Review. “They’re not in the business of running hotels for the sake of it.”
Meanwhile, The Australian reported from analysts regarding Crowns' ambitious spending program and the options it has to raise funding.
While some bankers thing Crown could raise the equity, Morgan Stanley believes that a hybrid raise could be on the cards.
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