The luxury hotel Cinnamon Life at City of Dreams Sri Lanka officially opened on October 15, marking the first phase of a $1.2 billion integrated resort (IR) project in Colombo by Melco Resorts and John Keells Holdings (JKH). The development aims to transform the local tourism landscape and boost economic growth in the region.
Phase 2 of the project is slated to include a Melco casino, a shopping district, and the ultra-luxury “Nuwa” hotel, with all components expected to launch by mid-2025. The full property is projected to generate annual gross gaming revenue (GGR) ranging from $200 million to $250 million.
Melco secured a 20-year gaming license from the Sri Lankan government and is investing about $125 million in the gaming area. Lawrence Ho, Melco’s Chairman and CEO, described the investment as “a small wager with the promise of strong returns,” indicating his confidence in the project’s profitability.
Ho emphasized the potential impact of the resort on local tourism, stating: “We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties.” He noted that the project could expand further based on market demand.
JKH Chairman and CEO Krishan Balendra called City of Dreams “an iconic development” that could serve as a “catalyst in creating tourism demand” for Sri Lanka. He drew comparisons to Singapore’s integrated resorts, which have historically spurred tourism. “The opening of those IRs in 2010 resulted in an immediate surge in tourist arrivals to Singapore,” Balendra remarked.
The City of Dreams Sri Lanka project is expected to create over 20,000 direct and indirect jobs, further contributing to the local economy and community engagement.
As the first integrated resort of its kind in both Sri Lanka and South Asia, the development aims to set a new standard for luxury and entertainment in the region.
Original article: https://www.yogonet.com/international/noticias/2024/10/21/82646-luxury-hotel-launches-city-of-dreams-sri-lanka-casino-set-for-mid2025-opening
