Phase 1 of City of Dreams Sri Lanka Opened by Melco Resorts
Melco Resorts and John Keells Holdings (JKH) have opened the first phase of a new resort development in Sri Lanka, with Phase 2 set to include a casino and expanded non-gaming attractions.
LISTEN TO THIS ARTICLE:On October 15, the City of Dreams Sri Lanka, located in Colombo, celebrated the grand opening of its Cinnamon Life property. This 687-room hotel marks the initial stage of a $1.2 billion integrated resort (IR) project, which is designed to bring luxury offered by the City of Dreams properties in Macau, the Philippines, and Cyprus, to Sri Lanka.
The Colombo resort currently boasts the city’s largest conference center, with the capacity to host up to 5,000 guests. As part of the upcoming Phase 2, the development will feature a Melco-operated casino, a shopping district, and a high-end hotel under Melco’s Nuwa brand. The second phase is expected to be ready by mid-2025.
Melco Granted 20-Year Gaming License
In April, Melco confirmed that it had secured a 20-year gaming license from the Sri Lankan government. The company will be responsible for outfitting and running the casino and managing the top floors of the hotel, which will feature Nuwa-branded luxury rooms.
Melco is committing around $125 million to develop the gaming space. Despite calling it a “small wager,” chairman and CEO Lawrence Ho remains optimistic about its potential. He anticipates that the casino will bring in $250 million in gross gaming revenue (GGR) annually once operations are fully underway.
Ho expressed confidence that City of Dreams Sri Lanka will contribute to the region’s tourism growth.
We expect to make a significant and positive impact on the local community and economy. We believe Sri Lanka has immense potential, and this opportunity complements our existing portfolio of properties.
Ho also mentioned that the resort could expand further if demand calls for it.
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Comparable to Singapore’s Resorts
JKH chairman and CEO Krishan Balendra described City of Dreams as a landmark project with the potential to be a “transformative development in South Asia.” He added that it could help drive tourism, foreign exchange earnings, and job creation in Sri Lanka.
Balendra likened the project’s potential impact on Colombo to the effect of Marina Bay Sands and Resorts World Sentosa on Singapore’s tourism industry. He pointed out that when these resorts opened in 2010, they led to a significant increase in visitor numbers. He also referenced similar positive outcomes in other Asian cities such as Manila casinos in the Philippines, where integrated resorts have spurred economic growth.
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