From left: Dr. Arosha Fernando – Coordinating Secretary to State Tourism Ministry, Diana Gamage – State Tourism Minister Cyntia Chan – Business Development Director of Kreate Design Pte Ltd of Singapore and Major General Prasad Samarasinghe – CEO of Colombo Lotus Tower Management Company Pvt Ltd
Lotus Tower Management Company (Pvt) Ltd (LTMC) last Friday entered into an agreement with Singapore-based renovation and interior design company Kreate Design Pte. Limited to lease out one floor of the tower base of the Lotus Tower for a casino and entertainment area, including water sports.
LTMC is expected to receive US$ 1.4 million a year for the leasing out the floor consisting of 44, 000 sq.ft. However, during a media conference held on Friday to sign the agreement, Tourism State Minister Diana Gamage said the investment would bring in US$ 1 billion over the next three years. But she failed it back up the figure with any evidence.
“This will enable Colombo Lotus Tower as a hub to develop trade, investment and tourism activities between Singapore and Sri Lanka,” Gamage said. A statement issued following the media briefing claimed a fully-fledged casino and an entertainment area including water sports will be developed at the Lotus Tower within the next six months.Under the terms of the 10-year agreement with Kreate Design, LTMC will receive a six month refundable deposit and the company is to begin operations from next April. There will be a 10 percent increment on the lease every two years.
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