Key points:
– $1.2bn investment by John Keells Holdings and Melco Resorts
– Sri Lanka aims to become a regional gaming and tourism hub
– New gaming legislation enabled formal licensing and international entry
Sri Lanka officially opened its largest private sector project on August 2. The project is called City of Dreams Sri Lanka and is worth over $1.2 billion.
Located in Colombo, the resort is a joint venture between local conglomerate John Keells Holdings and international casino operator Melco Resorts & Entertainment. It is being described as South Asia’s first integrated resort.
The complex includes two luxury hotels, Cinnamon Life with 687 rooms and NÜWA with 113 ultra-luxury rooms, as well as a Melco-operated casino, 17 dining venues, a high-end retail promenade, event spaces and residences. The res ort was designed as a complete lifestyle and tourism hub positioned to attract travellers from India, China, Russia and the Middle East.
At the opening event, Melco Chairman and CEO Lawrence Ho said Sri Lanka could serve the Indian market. He compared this to how Macau serves China, as reported by The Island.
He pointed out that the country’s closeness and stability made it a great place for high-value tourism. This is especially true since the region does not have similar integrated resorts.
Good to know: Sri Lanka passed formal gaming legislation earlier, establishing a regulatory framework that was a key requirement for international operators like Melco
JKH Chairperson Krishan Balendra said the project took over ten years to develop. It involved more than 500 local contributors. He added that the formal legal structure gave international investors confidence and allowed the partnership with Melco to materialise.
Balendra described the project as a strategic move to position Colombo as a premier location for entertainment, meetings and business travel.
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