The 687-room luxury hotel ‘Cinnamon Life at City of Dreams Sri Lanka’ officially opened in Colombo on October 15th.
This project, a joint venture between Macau gaming operator Melco Resorts & Entertainment and John Keells Holdings, represents an investment of over $1.2 billion, making it the largest private investment in Sri Lanka.
The final phase of the development – which includes a shopping mall, entertainment areas, a gaming facility, and the 113-room ultra-luxury ‘Nuwa’ hotel – is expected to open by mid-2025.
In April this year, Melco Resorts secured a 20-year casino license and is rebranding the former ‘Cinnamon Life Integrated Resort‘ as City of Dreams Sri Lanka, the first integrated resort in both Sri Lanka and South Asia.Â
Earlier this year, Melco targeted that their investment in the project was some $125 million, noting it was a “small wager” with the prospect for substantial returns.
Melco is projecting that the property is projected to achieve Gross Gaming Revenue (GGR) ranging from $200 million to $250 million on a run-rate basis. Meanwhile, Melco’s Chairman and CEO, Lawrence Ho, has stated that there is potential for further expansion of gaming facilities, subject to performance and market conditions.
The project is expected to generate over 20,000 direct and indirect jobs while boosting tourism, foreign exchange, and community engagement.
