Crown’s $400 mln luxury resort unlikely to get approval this year

Crown Resorts’ plans for a $400 million luxury integrated resort in the Sri Lankan capital Colombo now look unlikely to gain approval this year, according to local media reports. The country’s investment and promotion minister, Lakshman Yapa Abeywardena, said the deal “might not” be approved by the end of the year.

“I haven’t prepared the cabinet paper yet,” Abeywardena told reporters in Colombo. “These days you can’t do it because we are busy with the budget. There is no hurry. These are long-term projects and we are aiming to start by 2015-2016. You have time.” Plans for the resort are facing opposition amid concern about alleged preferential treatment for foreigners and concerns over the social impact.