Sri Lanka dashes hopes as gaming hub

    Published in: Latest IntelligenceSri Lanka’s new government has put a stop to three new gaming projects, including one by Australia’s Crown Resorts, slamming the door on what had been seen as an exciting new Asian casino market.  A mini-budget presented to the parliament by Finance Minister Ravi Karunanayake on January 29 imposed a one-off flat tax of one billion rupees, or around $7.6 million, on all casinos operating in Sri Lanka and also cancelled generous ten-year tax concessions that were granted to the three projects under the previous administration.  The concession had allowed a five percent tax rate on the projects, developed in an area of the capital earmarked by the previous government for high-end recreational projects. “I think,  there is unlikely to be any new interest in investing in the gambling sector any time soon,” one stock market analyst told AGB. “The government has shown without any doubt that it is...

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