Sri Lankan cabinet approves tax breaks for new projects

The cabinet has given final approval to tax breaks for two planned casino hotel projects on Beira Lake in Colombo, the $400 million Crown Colombo and John Keells Holdings PLC’s $820 million unnamed complex.

The Crown is to be developed by a joint venture between Australia’s Crown Ltd. and local casino operator Rank Holding (Pvt.) Ltd. John Keells has not indicated who will be operating the casino in its project.