Universal Entertainment Exits Sri Lanka Casino Project
Universal Entertainment Colombo has withdrawn from a proposed integrated resort development at Sri Lanka’s Colombo Port City after conducting due diligence on a 10-hectare site, according to officials from the Colombo Port City Economic Commission (CPCEC). The departure was disclosed by CPCEC Direc…
Universal Entertainment Colombo has withdrawn from a proposed integrated resort development at Sri Lanka’s Colombo Port City after conducting due diligence on a 10-hectare site, according to officials from the Colombo Port City Economic Commission (CPCEC). The departure was disclosed by CPCEC Director General Revan Wickramasuriya to parliament’s Committee on Public Finance. “That was another applicant that considered the integrated resort plot… They came in; they, again, withdrew during their due diligence,” Wickramasuriya said according to Asia Gaming Brief. The proposed casino is among five projects that have withdrawn from Colombo Port City, according to the commission. Officials told the committee that five of 10 previously proposed projects had exited, while the other five remained active. The departures also included an Asiri Hospital development, a Gateway educational facility and a mixed-use project proposed by Clothespin Management and Development. Despite the setbacks, the commission reported $1.12 billion in primary investments across nine leased land parcels, while further projects remain under development or preparation. Casino Proposal Leaves a Broader Development Portfolio Colombo Port City covers 269 hectares of reclaimed land next to Sri Lanka’s commercial capital. Developed by CHEC Port City Colombo, a subsidiary of China Harbour Engineering Company, the project aims to establish an international financial, commercial and lifestyle center capable of attracting overseas investment across several industries. The development operates under a special economic-zone framework established through legislation passed in 2021. The CPCEC oversees the project under this regulatory structure, which is intended to support investment and commercial activity. Its master plan includes residential, commercial and recreational areas, alongside an International Island precinct designated for an integrated resort and entertainment facilities. The proposed casino site’s withdrawal comes as the wider development continues to attract investment in property and infrastructure. The commission has completed lease agreements covering residential developments, mixed-use projects, a marina and hotel sites. CPCEC Chairman Harsha Amarasekera told the parliamentary committee that construction had started on several developments, including the marina. Piling work was also underway for the Colombo International Financial Centre (CIFC) and other projects. Colombo Port City is also situated close to Melco’s City of Dreams Sri Lanka, which opened within the Cinnamon Life resort in 2025. The two developments form part of the wider hospitality and entertainment landscape surrounding Colombo, although the Universal Entertainment proposal concerned a separate site within the Port City project. The commission aims to secure another $1 billion in pipeline investments over the next 12 months, focusing on areas near the central business district. State Prepares First Government Land Lease Alongside the resort withdrawal, officials outlined how Sri Lanka expects to recover the public funds allocated to Colombo Port City through the commercialization of government-owned land. The Ministry of Finance told the Committee on Public Finance that the Treasury had allocated 9.7 billion rupees for the development. Committee Chairman Harsha de Silva requested a detailed explanation of the expenditure, asking whether the money had been provided as equity, a loan or another form of state financing. Amarasekera said the government was now in a position to market its first land parcel after seven privately owned project-company plots had been leased. That sequence satisfies the requirement for one government plot to be made available for every seven private project-company plots leased. The project company has sold land at approximately $3,000 per square meter, according to officials. The future of the proposed integrated resort remains uncertain following Universal Entertainment Colombo’s exit during due diligence. Meanwhile, the commission is preparing the first government-owned plot for market and expects the resulting transaction to recover the 9.7 billion rupees previously allocated by the Treasury. Source link The post Universal Entertainment Exits Sri Lanka Casino Project appeared first on Top Rank Casinos.