Melco Resorts’ growth phase persists through Sri Lanka. The gaming and hospitality company based in Hong Kong announces that its City of Dreams Sri Lanka venue will receive its initial guests starting August 2.
An island nation situated off the southeast coast of India, Sri Lanka authorized casinos in designated gambling areas in 2010. Nevertheless, no casinos have launched because of community resistance. That will soon alter when Melco activates its City of Dreams Sri Lanka slot machines in roughly a month.
The casino at City of Dreams Sri Lanka covers 180,000 square feet. The casino and 800-room hotel belong to John Keells Holdings’ Cinnamon Life complex, representing Sri Lanka’s inaugural integrated resort development.
"We believe Sri Lanka has immense potential, and this opportunity complements our existing portfolio of properties. 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,” said Lawrence Ho, the founder, chair, and CEO of Melco Resorts.
In addition to the casino and two hotels, named Cinnamon Life and Nüwa, City of Dreams Sri Lanka features large convention spaces, a shopping and dining promenade, and engaging entertainment experiences.
Following twenty years of political maneuvering that prevented casinos from entering Sri Lanka despite the 2010 legislation, John Keells Holdings, based in Sri Lanka, gained government approval for a project exceeding $1.2 billion that developers claim will “transform” Colombo and place the nation “on the global tourism map.” John Keells states that the location will act as a tourism catalyst, providing a sustainable economic benefit to the small nation.
Sri Lanka experienced an economic crisis in 2022 but has since moved into a recovery stage. In March 2023, the country secured a $2.9 billion rescue package from the International Monetary Fund to regain stability and manage its debt repayments.
Melco’s fourth City of Dreams venue, along with its resorts in China's Macau, the Philippines, and Cyprus, is expected to create over 20,000 direct and indirect employment opportunities in Sri Lanka.
"City of Dreams Sri Lanka stands as a bold testament to our confidence in Sri Lanka’s future and our continued commitment to nation-building through transformative investments,” added Krishan Balendra, chair of the John Keells Group.
Melco is giving John Keells $125 million to manage the City of Dreams Sri Lanka casino for two decades.
Melco Resorts will hold a monopoly on casino gambling in Sri Lanka when its City of Dreams launches in early August. It also regulates casino gambling in Cyprus, a different island country situated in the Mediterranean Sea.
Crown Resorts, Melco’s previous partner, attempted to venture into Sri Lanka shortly after the nation’s gambling legislation was implemented 15 years ago. Named Crown Sri Lanka, the $450 million casino and resort project was intended to be constructed alongside Beira Lake in Colombo.
The project faced obstacles as local community organizations protested the casino based on moral, conservative values.
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