Melco Resorts & Entertainment Limited joined forces with John Keells Holding PLC to construct a new integrated resort in Colombo, Sri Lanka. It is estimated that the resort will cost more than US$1 billion.
Long-expected Southern Asian resort:
John Keels is one of the biggest conglomerates in Sri Lanka, with the largest listing on the Colombo Stock Exchange.
The resort used to be branded as Cinnamon Life Integrated Resorts, but the name has been changed to City of Dreams Sri Lanka. It will be the first integrated resort not only in Sri Lanka but in the whole of South Asia. It is a significant milestone towards putting this market on the map when it comes to the luxury hospitality, leisure, and entertainment industry.
Melco claims that the property will be an example of unique architecture and design, followed by fantastic offerings that will include various food and beverage options, MICE facilities, and many other amenities, as well as a hotel with 800 rooms.
The company’s local subsidiary was licensed in Sri Lanka, and the Government granted it a 20-year license. Its Nuwa brand will be in charge of operating the top five floors of the new property, or 113 hotel rooms in total.
Work in progress:
The partners already started working on the new project: all key commercial arrangements are made, and the next step is the fit-out of the area where the casino will be located. The initial investment is expected to reach US$125 million.
Regarding other non-gaming facilities, the works are going as expected, and they’re about to be opened soon, in the third quarter of 2024. Among the facilities opening soon is the 687 Key Cinnamon Life hotel, operated by John Keells. However, this is not the final count – the partners hope that they will be able to expand the property’s offering further, but that depends on the market and the resort’s popularity among the visitors.
The casino is expected to open around the middle of 2025.
Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco, said, “We are thrilled to be part of this landmark development in Sri Lanka and to be in partnership with John Keells. 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.”
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