Melco Resorts Expands Reach through New Sri Lanka Casino
Melco Resorts & Entertainment has announced an ambitious project that will transform the landscape of Colombo, the capital of Sri Lanka. A new integrated resort (IR), with an investment of at least $1 billion, is poised to become a central hub in the city beginning later this year.
A view of the Colombo, Sri Lanka, skyline at dusk. (Source: Unsplash)
LISTEN TO THIS ARTICLE:The development will feature an 800-room luxury hotel alongside a state-of-the-art casino that promises to deliver world-class gaming experiences. The resort's design is set to cater to a diverse range of needs, incorporating extensive facilities for meetings, incentives, conferences, and exhibitions (MICE). These facilities are designed to attract and accommodate large-scale business events, international conferences and high-profile exhibitions, positioning Sri Lanka as a premier destination for global business tourism.
Related: Casino Operator Melco Resorts Opens International Sales OfficesSecuring a 20-year gaming license from the Sri Lankan government, Melco has ensured a long-term presence in the region. Melco's investment is expected to have a significant positive impact on the local economy, providing a ripple effect of benefits across various sectors.
The strategic location of the resort in the heart of Colombo is a deliberate choice, offering guests easy access to the city's cultural landmarks, bustling markets and local cuisine. The integration of the resort within the city's fabric is anticipated to enhance the urban experience for both visitors and residents, fostering a sense of community and shared prosperity.
With construction underway, the anticipation for the completion of this integrated resort is building. The initial phase of the property, including non-gaming facilities and most of the hotel, will open later this year. Next, according to Melco, the casino will begin to operate sometime in the middle of 2025.
The IR announcement comes as Melco also reported its Q1 revenue. It saw operating revenue of $1.11 billion, a year-on-year increase of 55.2% and a quarter-over-quarter increase of 1.8%.
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Melco Continues Global Expansion
Melco, listed on NASDAQ under the ticker MLCO, has established itself as a major player in the global hospitality and gaming industry, with a portfolio of projects that showcase its commitment to innovation, luxury, and entertainment. The company's ventures span across Asia and Europe, with each property offering a unique blend of services and experiences.
One of Melco's flagship properties is the City of Dreams in Macau, an IR that combines entertainment with an array of accommodation options, award-winning dining, designer-brand shopping and a contemporary gaming experience.
In the same vein, Studio City Macau stands out as a Hollywood-inspired resort. It has redefined entertainment in Asia, offering a diversified range of attractions that cater to all ages and preferences. The resort's design and offerings have made it a must-visit location in Macau.
Expanding its reach beyond Asia, Melco has ventured into Europe with the City of Dreams Mediterranean in Cyprus, where it has also operated satellite casinos. This resort is Europe's first IR, featuring a luxury hotel, MICE facilities and other amenities.
In the Philippines, City of Dreams Manila has become a key player in the Entertainment City project. It offers a strategic mix of hotel brands and services and has become a focal point of the region.
The company's vision extends to Japan, where it has initiated key projects in Hakone and a ski resort in Okushiga Kogen. These developments are planned to include premium hospitality facilities, further diversifying Melco's portfolio and demonstrating its ability to adapt to different markets and cultures.
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