Sri Lanka casino industry in the balance as opposition wins poll

    Published in: Latest IntelligenceSri Lankan’s fledging casino industry is in the balance after opposisition challenger Maithripala Sirisena beat incumbent President Mahinda Rajapaksa in the island’s presidential poll.Rajapaksa had been seeking an unprecedented third term in the keenly contested polls, called two years before they were due. Adding to the uncertainty, parliamentary elections are also likely to be called within the first half of 2015.An opposition victory at the elections will send all new projects into a tailspin. The opposition manifesto released on December 19 said that all tax breaks given to new casino related projects, including those granted to James Packer’s Crown Resorts, will be withdrawn.There are three multi-million projects that include casinos that have been approved by the Sri Lankan parliament in the last year. By far the most prominent was Crown’s $400 million investment in a new casino on D R Wijewardena Mawatha street in the business heart of...

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