Ranil exposes five-casino zone in Katana

Monday, 25 November 2013 00:16 - - {{hitsCtrl.values.hits}}

Gaming zone to be connected to BIA by monorail
BOI expects US$ 3 billion phased investment
Casinos liable only for 5% gaming levy

By Ashwin Hemmathagama Our Lobby Correspondent Turning Katana into the region’s only integrated tourism hub, five large casino resorts are expected to be constructed on a 200-acre land in close proximity to the Bandaranaike International Airport, the UNP revealed in Parliament last week.

Opening the debate on the 2014 Budget, Opposition Leader Ranil Wickremesinghe tabled details of the project he said was being plotted away from the public eye. The gaming zone and the designated area was being identified as a special economic zone, making the project eligible for a gaming tax limited to 5%. According to the proposal, the mastermind of the project Katana City Development Ltd. had signed an agreement with Board of Investment on 29 June 2012. The BOI had now allocated the five zones expecting to attract at least US$ 3 billion in phased development. Katana City, which will be located within three kilometres from the airport, will have a direct mono-rail system connecting the main terminal and operating every 15 minutes. The zoning also allows for dense development with up to 30 floors of height. Katana City Development Ltd. is a local company with foreign ownership. The sponsors of the Katana City with equal partnership are Singapore-based Asian Resorts and Casinos Ltd. and Koorapati Global Holdings Ltd.