City of Dreams Sri Lanka held its grand opening on Saturday, marking Melco Resorts & Entertainment’s entry into the South Asian market. The CEO of the Hong Kong-headquartered gaming concessionaire, Lawrence Ho, said the new casino could help Sri Lanka “be to India what Macao is to China,” Inside Asian Gaming reports.
City of Dreams Sri Lanka is a joint venture between Melco and local developer John Keells Holdings. Melco has invested US$125 million into the development, which is located within Colombo’s Cinnamon Life resort.
“This project is about more than creating a luxury resort,” Ho told media on Saturday. “It’s about helping to elevate Sri Lanka’s global profile and contributing to its tourism economy. A development of this scale has a cascading effect – it drives demand for local products, services and supply.”
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Melco has a 20-year concession to operate the casino and a 113-room luxury Nüwa-brand hotel. The agreement will see John Keels self-manage the Cinnamon Life hotel’s 687 rooms under its Cinnamon Hotels and Resorts brand.
John Keells’ chairman Krishna Balendra said the resort would target travellers from key regional markets, particularly neighbouring India. “India is showing tremendous growth in its affluent middle and upper classes,” he noted. “By leveraging our global network of properties and expertise, we aim to attract high-end international travellers who are seeking world-class experiences in an authentic and unique destination like Sri Lanka.”
Beyond its casino and hotels, City of Dreams Sri Lanka includes 17 restaurants and bars, luxury retail outlets, conference and event facilities, plus residential and office spaces. The complex also includes hand-carved interiors and curated art pieces showcasing Sri Lankan craftsmanship.
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In a note issued before the launch, CBRE Equity Research analyst John Decree called the project a “unique asset light opportunity for Melco that could possibly be replicated in other markets.” However, he cautioned that the ramp-up period would take time.
Melco operates a number of other properties, including City of Dreams resorts in Macao, Manila and Cyprus. It had been planning to establish a casino in Thailand under new gaming laws being pushed through by the kingdom’s government, but these were shelved in July.
