Melco Resorts & Entertainment last week announced that it will join with resort manager John Keells Holdings (JKH) of Sri Lanka to operate an integrated resort (IR) with gaming at the latter’s billion-dollar resort complex, Cinnamon Life, in Colombo.
The development, with an estimated initial investment of approximately US$125 million, will be renamed City of Dreams Sri Lanka, a Melco brand already in play at resorts in Macau, the Philippines and Cyprus.
According to NewsWire, the government has granted a 20-year casino license to a fully-owned Sri Lanka subsidiary of Melco, which will manage a 113-room luxury Nuwa hotel alongside a 687-room Cinnamon hotel.
City of Dreams Sri Lanka will be the first IR in Sri Lanka and South Asia.
“We are thrilled to be part of this landmark development in Sri Lanka and to be in partnership with John Keells,” said Melco Chairman and CEO Lawrence Ho. “We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties.
“Furthermore, City of Dreams Sri Lanka is expected to serve as a catalyst for stimulating tourism demand and promoting economic growth in Sri Lanka, drawing inspiration from the successful examples set by similar integrated resorts in other jurisdictions.
“We will continue to work closely with our esteemed partners and the Sri Lankan government to ensure the success of this venture, and we expect to make a significant and positive impact on the local community and economy.”
Non-gaming facilities are expected to open in the third quarter of 2024, with casino operations to debut in mid-2025. The gaming floor may expand as market conditions permit.
