Sept 12, Colombo: Sri Lanka's Cabinet of Ministers today gave its approval to initiate two mixed-development projects that together will invest US$ 1 billion.
The cabinet approved the US$ 350 million project by Australian gambling mogul James Packer to build a mixed-resort in the capital Colombo.
The proposed development would include a casino, hotel with a minimum of 400 rooms, convention facilities, restaurants and other associated facilities
Packer has agreed to invest US$350 million to build the casino palace which will be known as 'Crown Colombo.' The structure will be completed and opened for business in 2016.
The project is expected to generate direct employment for 2600 local employees and will also create indirect employment opportunities.
The cabinet also approved the development of a multi-function resort at a cost of US$ 650 million by the diversified conglomerate, John Keells Holdings (JKH).
Integrated Tourism Related Project to be set up at Glennie Street and Justice Akbar Mawatha in slave Island area of Colombo will develop a luxury multi / mixed use Integrated Resort consisting of a convention Centre, entertainment facilities, international standard shopping mall, luxury condominiums and office space,
The project will create direct employment opportunities for 3000-4000 persons during the construction period and in addition, 3000 direct and indirect employment on commencement of business operations.
The cabinet gave approval to a proposal made by the Minister of Investment Promotion Lakahman Yapa Abeywardena to grant concessions to the project under the Strategic Development Project Act.