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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Casino Act temporarily taken back

Casino Act temporarily taken back

+11
Chinwi
smallville
The Alchemist
wiki
besthope
D.G.Dayaratne
UKboy
Jiggysaurus
Kithsiri
sriranga
Redbulls
15 posters

Go down  Message [Page 1 of 1]

1Casino Act temporarily taken back Empty Casino Act temporarily taken back Tue Oct 22, 2013 7:39 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Govt has decided not to table the "Strategic development projects Act" at the parliament on the 24th October as previously scheduled, says the investment promotions minister Lakshman Yapa Abeywardena.

He says that the bill will be tabled at the Parliament with amendments, at a later date.

However, secretary of the Govt allied Sri Lanka Muslim Congress (SLMC) Mr. Hassan Ali said that their Party has decided to vote against the bill. Another main  Govt ally, Jathika Hela Urumaya (JHU), has also decided not to cast their vote in favor of this fill, JHU National organizer Mr. Nishantha Sri Wanasinghe said.

Meanwhile, at a media meeting held in the UNP HQ "Sirikotha"yesterday (21), UNP MP Joseph Michel Perera said that if a secret ballot is held at the Parliament for voting regarding the proposed bills about giving tax relief for Casinos, then the Govt is definitely going to loose.

Under a UNP Govt, these Casinos will be shut down immediately, the MP said.

However,  issuing a press release, Investment promotions minister Lakshman Yapa Abeywardena said that the Govt is not going to issue new licenses to establish Casinos or other gambling centers, but what is done is only regulating them by confining the Gambling centers which are being conducted all around the Colombo City, in to an identified particular are.
http://srilankamirror.lk/news/11294-casino-act-temporarily-taken-back




Govt. puts casino consent on hold
Amid sharp protests from various quarters, the government last night decided to shelve the decision to approve regulations governing two gazette notifications for the establishment of two casino centres in Colombo, sources said.

They said the decision was taken at a special meeting convened by President Mahinda Rajapaksa with the leaders of the government alliance partners. At the meeting, it is learnt that the two main government allies – the SLMC and the JHU, had opposed to the gazette notifications.

It was also decided to amend the two gazette notifications and present it on a later date. The amendments will likely include a clause restricting entry to the gaming centres in the city for foreigners only.

At the meeting, JNP leader and Minister Wimal Weerawansa said he would make his stance known today whether he would vote for the regulation or not.

The regulations which would provide tax concessions to two casino centres in Colombo, were earlier scheduled to be debated on October 24 and 25 and taken up for voting on October 25, following a gazette notification tabled in parliament by Investment Promotions Minister Lakshman Yapa Abeywardana, under the Strategic Development Act. (Kelum Bandara)
http://www.dailymirror.lk/top-story/37424-govt-puts-casino-consent-on-hold.html

2Casino Act temporarily taken back Empty Lankans prohibited from Casinos Tue Oct 22, 2013 8:55 am

sriranga

sriranga
Co-Admin

Political party leaders of the Govt have yesterday (21) decided to make amendments to the Gazette announcement on establishing Casino resorts under the Strategic Development projects Act.

This proposition, made by the political committee member of the National Freedom Front deputy minister Weerakumara Dissanayake at the party leaders meeting of the Govt held yesterday under the patronage of President Mahinda Rajapaksa, have attracted the consent of other political party leaders of the Govt as well.

Accordingly, no one under the age 18 will not be admitted in to the Casinos, and apart from that, it had also been decided to prohibit all the locals from entering the Casinos as well.

Furthermore, it is said that new amendments such as the requirement of producing a passport at the entrance of the Casino and putting down the entrance fee as USD 500 are to be added to the bill.

Accordingly, the Casino bill will not be taken in to discussion at the parliament on the 24th and 25, and it would be tabled at the parliament on a later date with the appropriate amendments, a Govt spokesperson said.
http://srilankamirror.lk/news/11296-lankans-prohibited-from-casinos

http://sharemarket-srilanka.blogspot.co.uk/

3Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 10:19 am

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

@sriranga wrote: and apart from that, it had also been decided to prohibit all the locals from entering the Casinos as well.
You cannot eat the cake and at the same time have the cake. Very Happy 
What is wrong allowing if locals can affords to meet the entry requirements? Shocked 

4Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 10:28 am

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

@Kithsiri wrote:
@sriranga wrote: and apart from that, it had also been decided to prohibit all the locals from entering the Casinos as well.
You cannot eat the cake and at the same time have the cake. Very Happy 
What is wrong allowing if locals can affords to meet the entry requirements? Shocked 
Locals shouldn't use the posh gambling centers, they should only use Times/Star. After all the honorable MP also need some business. By banning local entry to Packers joint, the locals are channeled towards DPs small joints and the horse joints. Win Win situation for the politikkas.
A USD 500 entry charge would be utter stupidity.

5Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 10:42 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Whoever against Casino should come up and show how to rescue Sri lanka short to medium term.
Apart from negotiate the repayments of massive governments debts, we only have three options. $ bonds, remittance and casino lead tourism.



Last edited by UKboy on Tue Oct 22, 2013 10:43 am; edited 1 time in total

6Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 10:43 am

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

@Jiggysaurus wrote:
@Kithsiri wrote:
@sriranga wrote: and apart from that, it had also been decided to prohibit all the locals from entering the Casinos as well.
You cannot eat the cake and at the same time have the cake. Very Happy 
What is wrong allowing if locals can affords to meet the entry requirements? Shocked 
Locals shouldn't use the posh gambling centers, they should only use Times/Star. After all the honorable MP also need some business. By banning local entry to Packers joint, the locals are channeled towards DPs small joints and the horse joints. Win Win situation for the politikkas.
A USD 500 entry charge would be utter stupidity.
You said it right.
Unfortunately there is an audience to buy this kind of crap. Very Happy 

7Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 12:02 pm

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

This govt  always give reasonable hearing to public opinion

Govt do not know what is happening in the stock market after 2009

Because no strong public opinion against some people who is responsible for present situation

Even in this forum there are some supporters of monitor of stock market manipulation

8Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 1:25 pm

besthope


Manager - Equity Analytics
Manager - Equity Analytics

daya aiyya, in casino how is the price mechanism ? is it better after 2009 ?

9Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 3:21 pm

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

@D.G.Dayaratne wrote:This govt  always give reasonable hearing to public opinion

Govt do not know what is happening in the stock market after 2009

Because no strong public opinion against some people who is responsible for present situation

Even in this forum there are some supporters of monitor of stock market manipulation
They pretended to be..poor peasant will believe those words as God saying..

After a pause ...do whatever you want Very Happy

10Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 3:59 pm

besthope


Manager - Equity Analytics
Manager - Equity Analytics

Today comming two unrelated news items -

1. Government Backtracks on Casino Bill
2. BBS Back on the Road Again with Anti-Halal Campaign.

I am wondering what is comming first - the chicken or the egg?

sriranga

sriranga
Co-Admin

* Buddhist leaders, politicians, protest casino deal

* Amendment to tax concessions likely to delay project

* Packer urged to invest more in country, but not casinos


By Shihar Aneez

COLOMBO, Oct 22 (Reuters) - Opposition by Buddhist religious leaders and some political parties in Sri Lanka led the government to announce on Tuesday it will alter tax concessions granted to Australian gambling tycoon James Packer's Crown Ltd for a $400 million hotel resort that will include a casino.

The changes could take at least one month and likely will delay Packer's mixed-development investment project for the second time this year.

Lakshman Yapa Abeywardena, Investment Promotion minister, said the decision to alter the deal's terms came after various opposition politicians said Packer was getting concessions not given to local entrepreneurs and Buddhist leaders said the casino could be detrimental to Sri Lanka's culture.

"We'll amend the bill" and have new terms by Nov. 21, Abeywardena told reporters. "We will describe how we are going to grant tax concessions, like if it is from the gross revenue or net revenue. We will base the tax on the gross revenue and not on the net profit. The tax concession is on investment and not on the hotel operation. We will clarify all these in the new gazette."

The ministry over the weekend released photos Packer meeting officials in Sri Lanka and Abeywardena said he had asked Packer to invest more in the country.

"He said he was willing to bring more investments. He told us he will consider some more investments along with this investment, but we have clearly told him we would not allow investments for more casinos," the minister added.

Crown last week confirmed that it was in detailed discussions with the Sri Lankan government and potential joint venture partners regarding the development of a 5-star integrated resort and the total project cost would be approximately $400 million.

The deal has already been delayed once after the government asked Lake Leisure Holdings, the joint venture between Crown Ltd and its local partner, Rank Entertainment Holdings Pvt Ltd, to change its construction plans.

Packer's deal has been already approved by the island nation's cabinet and is expected to easily win approval from the parliament because President Mahinda Rajapaksa's ruling coalition has more than a two-thirds majority.

Packer, one of Australia's richest men, has been in talks since February with the government over hotel and entertainment investment options as he expands his global gambling business that includes casinos in Australia, Macau, Britain and the United States.
http://in.reuters.com/article/2013/10/22/srilanka-packer-casino-idINL3N0IC23620131022

http://sharemarket-srilanka.blogspot.co.uk/

12Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 6:25 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

@sriranga wrote:* Buddhist leaders protest casino deal

By Shihar Aneez

COLOMBO, Oct 22 (Reuters) -  
Lakshman Yapa Abeywardena, Investment Promotion minister, said the decision to alter the deal's terms came after various opposition politicians said Packer was getting concessions not given to local entrepreneurs and Buddhist leaders said the casino could be detrimental to Sri Lanka's culture.

http://in.reuters.com/article/2013/10/22/srilanka-packer-casino-idINL3N0IC23620131022[/b]

What Hinduism and Buddhism say about gambling

Sources: Edmund Bergler / OnlinePokies,

07 March 2011

As with a number of areas, Islam and Hinduism are largely in alignment on the issue of gambling. Hindu scriptures prohibit gambling. These are the sections of the Hindu scriptures which mention and prohibit gambling:
“A Gamester / gambler says,‘My wife holds me aloof, my mother hates me’. The wretched man finds none to comfort him.” (Rigveda 10:34:3)
“Play not with dice: No, cultivate thy corn land. Enjoy the gain and deem that wealth sufficient”.(Rigved 10:34:13)
“Drinking, gambling, women (not lawfully wedded wives) and hunting, in that order, he should know to be the very worst four in the group of (vices) born of desire”
(Manu Smriti 7:50)
Gambling is also prohibited in several verses of the Manu Smriti including:
ii. Manu Smriti Chapter 7 Verse 47
iii.Manu Smriti Chapter 9 Verses 221-22
iv.Manu Smriti Chapter 9 Verse 258

And so it can be seen that Hinduism does not approve gambling as a lawful activity. However, in other sections of Hindu scriptures, there are suggestions that there been gambling activities carried out in Hindu culture.

Mahabharata is a famous epic story and scripture in Hinduism. In this epic there are numerous instances of gambling activities. The epic states that gambling in the form of dice games was a source of entertainment for Kings.

There are also other Hindu scriptures which indicate that gambling activities were carried out in Hindu empires. Thus the scriptures seem to be both prohibit gambling, and also acknowledge it as a religious norm. Contradictions in the scriptures are naturally not uncommon.

Buddhism

Buddhism takes a nuanced view of gambling and its prohibition. In Sigalovada Sutta’s “The Layman’s Code of Discipline” the following is stated:

“There are, young householder, these six evil consequences in indulging in gambling:

(i) the winner begets hate,
(ii) the loser grieves for lost wealth,
(iii) loss of wealth,
(iv) his word is not relied upon in a court of law,
(v) he is despised by his friends and associates,
(vi) he is not sought after for matrimony; for people would say he is a gambler and is not fit to look after a wife.”

Dighajanu Sutta, Anguttara Nikaya VIII.54 states the following about gambling from a Buddhist perspective:

“These are the four drains on one’s store of wealth: debauchery in sex; debauchery in drink; debauchery in gambling; and evil friendship, evil companionship, evil camaraderie. Just as if there were a great reservoir with four inlets and four drains, and a man were to close the inlets and open the drains, and the sky were not to pour down proper showers, the depletion of that great reservoir could be expected, not its increase. In the same way, these are the four drains on one’s store of wealth: debauchery in sex; debauchery in drink; debauchery in gambling; and evil friendship, evil companionship, evil camaraderie.

These are the four inlets to one’s store of wealth: no debauchery in sex; no debauchery in drink; no debauchery in gambling; and admirable friendship, admirable companionship, admirable camaraderie. Just as if there were a great reservoir with four inlets and four drains, and a man were to open the inlets and close the drains, and the sky were to pour down proper showers, the increase of that great reservoir could be expected, not its depletion. In the same way, these are the four inlets to one’s store of wealth: no debauchery in sex; no debauchery in drink; no debauchery in gambling; and admirable friendship, admirable companionship, admirable camaraderie.”

Thus it seems that in Buddhistm, while gambling itself is not considered inherently wrong for the layperson (monks are forbidden from gambling), if it is indulged in to the extent that is produces “evil consequences” then it is inadvisable. It should be noted however, that, as with Christianity and other religions, there are many different types of Buddhism. The above is from Theravada Buddhism, which is practised in Thailand and elsewhere in South East Asia, but there are many other forms.


Buddha: An unskillful activity

To gamble (jūtakīḷā) is to risk money on games of chance. Gambling was already an ancient activity by the Buddha’s time and the Vedas, the most ancient Hindu scriptures, contain the famous ‘Gambler’s Lament’ in which a man cries after having wagered and lost his wife and children. Such extreme betting is also mentioned in the Tipiṭaka (M.III,107).

Hardly surprisingly, the Buddha saw gambling as an unskillful activity. He said: ‘There are these six dangers of being addicted to gambling. In winning one begets hatred; in losing one mourns the loss of one’s wealth; one’s word is not accepted in court; one is avoided by both friends and officials; one is not sought after for marriage because people say a gambler cannot support a wife.’ (D.III,183). On another occasion he said that ‘squandering wealth on dice’ leads to one’s decline (Sn.106).

However, we might say that there are three types of gambling – recreational, habitual and addictive.

The first type is when someone occasionally plays cards for small stakes or buys a lottery ticket to support a charity.

Habitual gambling is to gamble a significant but manageable percentage of one’s income on a regular basis.

Addictive gambling is the inability to resist the opportunity to gamble and thus be constantly in debt.

From a Buddhist perspective, recreational gambling would be considered harmless and not against the Precepts. However, because all gambling plays on at least some element of greed, it is certainly unbecoming for Buddhist organizations to raise funds by lotteries and games of chance.
Habitual and addictive gambling are psychologically, socially and spiritually harmful because they are motivated by and reinforce delusion, avarice and the mistaken belief in good and bad ‘luck.’
For the Buddha, it is being virtuous that makes one ‘lucky,’ not having a winning streak. He said: ‘If a gambler were to win a fortune on his very first throw his luck would nonetheless be insignificant. It is many times more “lucky” to conduct oneself wisely with body, speech and mind and after death be reborn in heaven.’ (M.III,178).

http://en.harakahdaily.net/[/b]

13Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 7:28 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Source - Harsha de Silva, MP - Facebook Status Update

Statement on the withdrawal of the Casino gazette

We are happy to note the hard fought victory for the people of Sri Lanka in round one of the ongoing battle to stop tax breaks for James Packer's unregulated and illegal Crown casino. The UNP will not agree to a twenty-two year income tax holiday by applying a ridiculously low 5 percent tax on gaming revenue having removed the existing 12 percent VAT and NBT on casinos to Mr Packer when millions of people of this country are being suffocated by taxes on essentials ranging from food to clothing to healthcare. We also appreciate all those who supported our position even though coming in at the last minute. We hope that those who criticize the opposition would realize that if not for the lead we took in this fight the Government would have passed these unheard of tax breaks for casinos burdening the people even more.

Now the Government must apply the existing law and immediately shut down all illegal casinos in Colombo or legalize them by issuing licenses via a yet-to-be established Casino Regulator after calling for applications from fit and proper persons by publishing licensing criteria in all three languages as specified in the Casino Business (Regulations) Act of 2010. At the very least operations of all casinos must be suspended until such time.

While we believe in the market economy and encourage private enterprise we also believe that casinos cannot be allowed to operate unregulated, particularly given the massive negative externalities they create; be it drugs, crime, money laundering and prostitution besides the general deterioration of society. Therefore we hope Mr Packer would not once again seek tax breaks from the Parliament of Sri Lanka until and unless he has obtained a legitimate license to operate his proposed casino.

This must also apply to the thousands of betting and horse racing establishments dotted around the island.

Harsha de Silva, MP

14Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 8:28 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

@D.G.Dayaratne wrote:This govt  always give reasonable hearing to public opinion

Govt do not know what is happening in the stock market after 2009

Because no strong public opinion against some people who is responsible for present situation

Even in this forum there are some supporters of monitor of stock market manipulation
Ayoo D.G.. Give this govt a break.. $HI^ happens ok? So as we speak only evil of someone/thing its likely either we're delusional or we hate that.

I encourage you to educate our guys without political aspects.. So I'm still waiting for you to start your noble plight.. If u need any assistance, pls ask..

15Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Tue Oct 22, 2013 9:10 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Ayiyo !
I have to fly Singapore or to dammika ayiyaas 'pot's as usual. Wink 

16Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Fri Oct 25, 2013 10:18 pm

ananda95


Equity Analytic
Equity Analytic

So Joseph says they will close down Casinos and as per Harsha it it ok to run if regulated, with proper tax. This is our so called "opposition".

I fail to understand the reason why the hell who protest for new casinos are not trying the same trick with existing once. BBS can go and kick some %£&", isn't it!

Pathetic. I agree, there is a crowd in this country who believe all these "stories".

17Casino Act temporarily taken back Empty casino-act-temporarily-taken-back Sat Oct 26, 2013 10:04 am

Jake Sully

Jake Sully
Manager - Equity Analytics
Manager - Equity Analytics

@ananda95 wrote:So Joseph says they will close down Casinos and as per Harsha it it ok to run if regulated, with proper tax. This is our so called "opposition".

I fail to understand the reason why the hell who protest for new casinos are not trying the same trick with existing once. BBS can go and kick some %£&", isn't it!

Pathetic. I agree, there is a crowd in this country who believe all these "stories".
BBS will be the one will organize a pirith ceremony and tie a Pirith nool in James Packers hand in the opening ceremony of Casino complex.

“Casino wageda Halal”

18Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Sat Oct 26, 2013 10:45 am

m2_yapa

m2_yapa
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Any how i am tying to find out how this Casino Hungama going to affect DP's businesses in time to come. Did any one have fair knowledge about that. Will his profit goes down? Will he loose his regular customers like S.B.D Lol

19Casino Act temporarily taken back Empty Re: Casino Act temporarily taken back Mon Oct 28, 2013 9:36 pm

UAEBOY

UAEBOY
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Of course....There is a direct impact on VONE...
If that act passed on 24th of Oct VONE could have passed 20s...

With the current government DP will benefit always..

You could have seen on 22nd & 23rd of Oct VONE was warming up....Smile

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