Sri Lanka can be the new Macau says Packer
Sri Lankan could be the new Macau
James Packer made a bold pitch to delegates at the Commonwealth Business Forum in Colombo, Sri Lanka Wednesday 12th November on his planned $400 million casino resort in the country.
Mr Packer said a luxury casino resort is a necessity if Sri Lanka is to achieve its potential to become ‘‘a leading tourist mecca for the rising middle class of India, China and the rest of Asia.’’
Mr Packer said Sri Lanka’s ‘‘ambitious’’ tourism targets are ‘‘only achievable with the right tourism infrastructure and attractions’’ and cited the success of Singapore in turning around its performance as a tourism destination with the development of two integrated casino resorts.
He said that Sri Lanka’s proximity to India could become a version of Macau with its proximity to India as Macau is to China, with a growing number of wealthy Indians.
‘‘The demographic changes we are seeing in India and China are extraordinary,’’ Mr Packer said. ‘‘The size of the middle class in India currently stands at around 170 million; and is estimated to be growing by 40 to 50 million per annum over the near term.’’
India’s gambling market is limited to two states, Goa and Sikkim, and laws prevent direct foreign investment.
The countries government had to postpone passing laws allowing for land based gambling within the country and fierce opposition from political and religious parties against the lenient tax breaks offered to Mr Packers company.
However the government will attempt in December to pass a new revised legislation allowing for gambling, with the hope it will appease all parties concerned.
