Melco Resorts & Entertainment Limited has announced a partnership with Colombo-listed John Keells Holdings PLC under which it will operate the casino and hotel rooms at Sri Lanka’s Cinnamon Life Integrated Resort.
Under the partnership, the US$1 billion development will be rebranded City of Dreams Sri Lanka with Melco revealing late Tuesday it has been awarded a 20-year casino license by the Government of Sri Lanka. The company will now fit-out and operate the gaming area at City of Dreams Sri Lanka, and manage the top five floors of the 800-room hotel under its Nüwa brand.
“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.”
Melco said it has agreed with John Keells all key commercial arrangements and expect fit-out of the casino area to begin shortly at an estimated initial investment of approximately US$125 million.
The non-gaming facilities of the integrated resort, including the 687 key Cinnamon Life hotel managed by John Keells, is in the final stages of completion and is expected to commence operations in the third quarter of 2024, the company added, with casino operations due to commence in mid-2025. There is also potential for further expansion of the gaming facilities, subject to performance and market conditions.