The ‘Lake Leisure Company’ is a joint collaboration by M/s John keels Company and the Australian millionaire James Packer. The huge joint mixed development business venture will include the hotel and the ‘casino’ trades. It is learnt that the cabinet approval has been granted to give them tax concessions.

The proposed building would be undertaken to be constructed by M/s Water Grunt Properties Ltd situated at Glennie Street, Colombo 2.The hotel was proposed to be constructed in the year 2008 by M/s John holdings Plc Ltd.It is learnt that tax concessions have been granted by the approval of the cabinet.

It is proposed to invest a sum of US$650 million. The building will have a number of facilities like shopping complexes, conference halls, rooms for foreigners, restaurants, housing complexes, office spaces and a number of other facilities. Once it is completed there will create about 3000 to 4000 permanent employment facilities and about 3000 temporary job opportunities.

The location would be D.R Wijewardena Mawatha and the contribution of James Packer would be $ million 350