Tuesday, June 25, 2024

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Singapore-Based Investment Firm to Launch $1 Billion Casino at Lotus Tower in August

Kreate Pte Ltd, an investment firm based in Singapore, is set to launch Sri Lanka’s first foreign-funded casino and entertainment hub on the second floor of the Colombo Lotus Tower. The project will require a total investment of USD 1 billion.

Recruitment is already underway, and the Singapore management, which has established a local company in Sri Lanka, is importing advanced equipment necessary for the project. The State Tourism Minister, Diana Gamage, introduced the investor to Sri Lanka in late November, securing the largest investment for the country since the COVID pandemic began – a USD 1 billion foreign direct investment (FDI) from Singapore. In November, an MoU was signed between the Singapore counterparts and the Colombo Lotus Tower Management Company Pvt Ltd. The project will include a water sports and entertainment zone along Beira Lake, with a focus on promoting night life in the surrounding areas of D.R. Wijewardhana Mawatha, starting from the Colombo Lotus Tower end.

The State Tourism Minister confirmed that all plans are now ready to be put into action, and that the project will be completed by early August.

Kreate Pte Ltd’s Business Development Director, Cyntia Chan, expressed pleasure in assisting Sri Lanka during the current economic crisis and hopes that the new venture will bring more dollars to Sri Lanka on a large scale, establishing Colombo as the regional casino and entertainment hub for the South Asia region. The investors have already begun paying rent for the second floor (secured for 10 years) in US dollars to the Colombo Lotus Tower management company from November.

An agreement was exchanged between the 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.

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