Packer eyes Sri Lanka

James Packer met with Sri Lankan officials to discuss investment options in the hotel and entertainment industries. Packer owns half of Australian gaming operator Crown Ltd (CWN:ASX) and is co-chairman of Macau's Melco-Crown Entertainment (MPEL), alongside Lawrence Ho, son of Stanley Ho. The minister of investment and promotion of Sri Lanka said that the delegation had not yet decided on a location or on an investment amount. According to Reuters, officials suggested the development of an integrated resort in the capital Colombo or the eastern city of Trincomalee. The move was unexpected as Crown's focus has been on the expansion of its business to Sydney while Melco-Crown is finalising a joint venture to develop and operate a $1 billion gaming resort in the Philippines.