Thursday Nov 21, 2024
Thursday Nov 21, 2024
Tuesday, 1 October 2024 01:57 - - {{hitsCtrl.values.hits}}
The Supreme Court (SC) yesterday took up a petition alleging Rs. 85 billion loss to the State following the decision by the previous Government-led by President Ranil Wickremesinghe to grant licence to operate a Casino at the Lotus Tower.
President’s Counsel Navin Marapana appearing to the Petitioner Ven. Malgalle Sujatha Thero informed the Court that this is a very serious matter where the previous Government in July 2024 had issued a casino licence to operate a casino in the Lotus Tower, Colombo for a mere Rs.500 million when in fact the new regulations required an investment of $ 250 million (Rs. 75 billion) and a licence fee of Rs. 10 billion or $ 500 million investment and licence fee of Rs. 5 billion.
SC takes...
Therefore he argued the loss to the State by granting of this licence to Majestic Pride Casino Sri Lanka to be operated by Golden Island Hospitality Ltd. is a minimum of Rs.85 billion.
The learned Senior State Counsel appearing for the Attorney General said that they needed time to get instructions with regard to this matter and sought a postponement.
The SC granted time for the respondents to file limited objections if needed and the case was re-fixed for support on 14 October.
President’s Counsel Navin Marapana, Attorney-at-Law Kaushalya Molligoda and Uchitha Wickremesinghe instructed by Sanath Wijewardane appeared on behalf of the Petitioner.
Majestic Pride Group of Casinos and Hotels operate 2 casinos in Goa, India and one in Kathmandu Nepal.
In August Golden Island Hospitality Ltd., announced it has entered into an agreement with the renowned Majestic Group Hotels and Casinos, a leading gaming group from India, to establish the Majestic Pride Casino, Sri Lanka.
It said the Finance, Economic Stabilisation and National Policies Ministry of Sri Lanka has granted a Casino Business License under the Casino Business (Regulation) Act, No.17 of 2010 to Golden Island Hospitality Ltd. This significant development, finalised last month, marks the beginning of a new era in Sri Lanka’s gaming and hospitality sector.
An agreement with the Board of Investment of Sri Lanka was also signed on 1 August 2024, under Section 17(2) of the Board of Investment of Sri Lanka Law No.4 of 1978, further solidifying this venture. For over 15 years, Majestic Group Hotels and Casinos has been a cornerstone of luxury and entertainment in Goa, attracting tourists from across India, according to the statement the company issued in August.
