Sri Lanka Approves $350M Casino Funded By Aussie Firm

Law360, New York (September 12, 2013, 3:01 PM EDT) -- The Sri Lankan government on Thursday approved the construction of casino properties funded by foreign money, granting an application by Australia's Crown Ltd. and a local firm for a $350 million casino project.

Sri Lanka's information minister and government spokesman Keheliya Rambukwella announced that the government also agreed to give the new casino hotels a partial tax holiday. The measure is designed to bring in up to $1 billion in foreign investments for casinos, according to past statements by the government.

Officially, Sri Lanka's cabinet approved...
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