Crown’s partner buys real estate lease

 

Sri Lanka has confirmed that it has sold the local partner of Australian gambling magnate James Packer’s Crown group a lease on some prime release estate in the capital Colombo, where the companies want to build Crown Complex, a $350m casino and entertainment hub.  Sri Lanka’s Rank Holdings, which plans to transfer its Stardust Casino gaming license to the new joint venture, has agreed to pay Rs2.78b (US $21.3m) for the property. The land is situated in an exclusive gaming zone as delineated under the terms of Sri Lanka’s 2010 gambling legislation.