Coordinating Secretary to the State Tourism Ministry, Dr. Arosha Fernando, State Tourism Minister Diana Gamage, Business Development Director of Kreate Pte Limited, Cyntia Chan and Retired Major General Prasad Samarasinghe who assumed duties as the Head of Management at the Lotus Tower exchanges the agreement.
Singapore-based investment firm Kreate Pte Ltd will open Sri Lanka’s first foreign funded Casino and entertainment hub at the second floor of the Colombo Lotus Tower. The total investment for the preopcjt is USD one billion.
The recruiting has already started while the Singapore management which has incorporated a local Company in Sri Lanka is now in the progress of importing sophisticated equipment needed for the project. The investor was introduced to Sri Lanka In late November by State Tourism Minister; Diana Gamage securing of the largest investment for Sri Lanka since COVID pandemic of , USD 1 Billion foreign direct investment (FDI) from Singapore for this development.
An MoU in this regard too was also signed with the Singapore counterparts and the Colombo Lotus Tower Management Company Pvt Ltd in November. State Tourism Gamage Gamage said that in addition to the Casino a water sports and an entertainment zone along Beira Lake too would be developed under this project especially promoting night life in the surrounding areas of D. R. Wijewardhana Mawatha starting from the Colombo Lotus Tower end.
‘All our plans are now ready to put into action as we will deliver what we have promised without any fail’ said Diana Gamage, State Tourism Minister to Daily News Business. The investors are already paying a rental for the second floor (taken for 10 years) in US Dollars to the Colombo Lotus Tower management company from November.
“All the necessary works are well underway to open a world class Casino and an entertainment center by early August where the first tranche of the investment has already been transferred to Sri Lanka from Singapore,” she said.
“We are very much pleased to assist Sri Lanka during the current economic crisis, and hope this new venture will assist to bringing more dollars to Sri Lanka in a large scale establishing Colombo as the regional casino and entertainment hub for the South Asia region’ said Cyntia Chan, Business Development Director of Kreate Pte Ltd of Singapore.