CWN 0.00% $13.09 crown resorts limited

News: Crown Resorts slips as Sri Lanka blocks bid

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    Shares in Crown Resorts Limited (ASX:CWN) have slipped after Sri Lanka's new government delivered on an election pledge and formally blocked the company’s casino project. 
     
    The gaming company’s plans to build a $US400 million casino and hotel development with a local joint-venture partner had received significant local opposition. 
     
    The election of the nation's socially conservative president, Maithripala Sirisena, earlier this month cast further doubt on the project. 
     
    Crown received cabinet approval by the previous administration in 2013 and had been planning to open the project in 2018. 
     
    Crown Resorts net profit rose to almost $656 million in the 2014 financial year.
 
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