Sri Lanka seeks aid from casino mogul to bootstrap its economy

Sri Lanka’s economy is in the doldrums and the government is mulling an unorthodox approach to solving it. But rather than passing a new economic package, the government may opt to go to Dhammika Perera, a casino billionaire who was appointed as the country’s Investment Minister last Friday.

This development gives the 54-year-old well-heeled mogul the power to steer the country’s investments as well as seek to attract new ones. Perera was confirmed by President Gotabaya Rajapaksa who pinned the country’s hopes on Perera to seek and attract new investment into the country.

Sri Lanka has been going through a sharp economic downturn and not least because of global geopolitical processes. The economic crisis has made for strange bedfellows, as Perera was once described as a "demon who protected the corrupt regime of Rajapaksas."

These words were uttered several years back by Prime Minister Ranil Wickremesinghe who will have to work with the devil as it were to try and steer the country towards economic well-being. Whether this happens is another matter altogether.

Sri Lank missed a debt payment which put it in default, with the country owing $51 billion. It is hoping to receive help from the International Monetary Fund so it can continue to pitch in sectors that will be disproportionately affected by this economic development, including fuel, goods, and food.

Perera has a comfortable position in Sri Lankan society. He owns three casinos in the country, out of a total of five licenses. These casinos include the Bellagio Colombo, MGM Colombo, and Bally’s Colombo. Perera also holds multiple interests across numerous companies in Sri Lanka, making his local clout significant.

Some have asked whether the casino boss can put the nation’s interest first. However, not everyone is convinced that Perera can muster sufficient foreign funds to prop up the country’s ailing public purse. He will be directly in charge of the Port City reclamation project which is estimated at $1.4 billion and has been transformed into a tax-free area in Colombo, the largest city in the country.

Rajapaksa, the former prime minister, is often associated with the present economic conundrum the country faces, but he is praised by Perera publicly. What this appointment will bring to the country remains to be seen. In the meantime, Perera’s casinos will keep on going.

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