City of Dreams Sri Lanka, the joint venture between Macau’s Melco Resorts & Entertainment and local developer John Keells Holdings, held its Grand Opening on Saturday – celebrating what the companies have described as a “landmark national transformation”.
Located within the US$1.2 billion Cinnamon Life resort in Colombo, City of Dreams Sri Lanka represents a US$125 million investment by Melco, which will operate the casino under a 20-year license agreement plus the 113-room luxury NÜWA hotel brand. John Keels will self-manage the remaining 687 rooms that form the Cinnamon Life @ City of Dreams hotel under its Cinnamon Hotels and Resorts brand.
Speaking at a press conference held at the venue on Saturday, Melco Chairman and CEO Lawrence Ho said Sri Lanka has the opportunity to “be to India what Macau is to China” as it looks to higher-end gaming and leisure opportunities to drive tourism
“Macau is by far the biggest gaming market in the world. Colombo is the closest destination to India, and an integrated resort like this gives the city a lot of potential.
“This project is about more than creating a luxury resort. 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.”
Krishna Balendra, the Chairman of John Keells Holdings, added, “Sri Lanka is perfectly positioned as a gateway to key feeder markets. India in particular is showing tremendous growth in its affluent middle and upper classes. By leveraging our global network of properties and expertise, we aim to attract high-end international travelers who are seeking world-class experiences in an authentic and unique destination like Sri Lanka.”
Melco explained in an announcement that the development of City of Dreams Sri Lanka had seen more than 500 local artisans, hospitality professionals and creatives partner with international designers and Melco’s global experts to bring their unique vision to life.
“From hand-carved interiors to curated art pieces, the resort is a canvas of Sri Lankan talent elevated for the world stage,” the company said.
Hotel and casino aside, City of Dreams Sri Lanka also features 17 signature restaurants and bars, a luxury retail promenade featuring designer brands and artisanal Sri Lankan boutiques, expansive event and MICE facilities as well as residences and offices.
In a Friday note issued shortly before the property’s launch, CBRE Equity Research analyst John Decree described City of Dreams Sri Lanka as a “unique asset light opportunity for Melco that could possibly be replicated in other markets. However, City of Dreams will be a new product for the market and the ramp period will take time.”
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