Sri Lanka leases out land for Packer-linked casino

Sri Lanka has leased some prime real estate in the capital to a local casino operator who is expected to develop a $350 million entertainment complex with Australian gambling mogul James Packer, an official said Monday.

The cabinet gave final approval last month to lease the lakefront land to a company set up by Sri Lanka's top casino operator, Rank Holdings, for 2.78 billion rupees ($22.28 million dollars), the official said.

"The land is given to the Sri Lankan company which is in partnership with the Crown group (of Packer)," the official from the investment promotion ministry told AFP on condition of anonymity.

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(Source: Global Post)

Chinese firm Avic gets special status for a mixed development Colombo project

The Sri Lanka Government has given strategic investment project status to the US$300 million mixed development project of Avic International Corporation in a prime property in Colombo.

The ‘Colpetty Mills’ land extending to 542 perches is owned by Shaw Wallace and Hedges PLC and a large slice was sold to Avic, a top official of the company, an influential group with lot of Sri Lankan Government contracts, said. The land has access from both Galle Road and Duplication Road.

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(Source: Sunday Times)