Govt says ‘no’ to new Casino Licenses

Shirajiv Sirimane

The government would not issue any new licenses to operate casinos in Colombo, said Minister of Economic Development Lakshman Yapa Abeywardane. Speaking to Daily News Business, he said that though these sector investments would bring in additional foreign exchange to the country, the government would not issue ‘new’ licenses to them.

Commenting on the much talked about Krrish Transworks Tower property development in Fort, he stressed that the investors have not gone away nor the project being abandoned.

“There was also a delay on our part as we were not able to offer them a clear deed for two acres of land out of the for acres at the time we promised due to various issues.

These two acres did not belong to the UDA and we had to acquire them. Now this has been done.” He said that due to this issue Krrish management also delayed payment and now all parties have agreed to go ahead with the project. “They have already paid a 15% down payment and the balance would be paid by June 30.

If the payment was delayed, there would be a fine of 12% and they have agreed to this as well.”

The land was leased for Rs. 5 billion and 10% of the total hadbeen paid at the beginning and another Rs1.4 billion totaling to Rs 2 billion had been paid.

Meanwhile CEO R. P. Gupta, said his company had been working seven days a week with internationally renowned consultants, in completing the design and planning process of the proposed legendary iconic complex.

The Delhi-based developer Krrish group in late September last year launched its US $ 460 million, 4-tower mixed development project in Colombo Fort. Krrish Colombo is ranked one of the 10th biggest construction projects in the world, in terms of size and complexity.

The tallest tower will have 85 floors, the second 80 and the other two 55 floors each, in a five million square feet of residential, commercial space and a hotel.

The Minister said that the Shangri La projects in both Hambantota and Colombo, were progressing on schedule and in addition, several other global players such as Hyatt, Movenpick were already building hotels in Colombo. Shangri-La Hotel, Colombo will offer 497 rooms including 30 suites while Hambantota Resort and Spa, with an 18-hole golf course, will offer 375 rooms including 26 suites. “We have several other investors who are making inquiries and 2013 year would bring an all time record of FDI’s”, he predicted.