City of Dreams Sri Lanka saw EBITDA reach LKR1.43 billion ($4.62 million) in the final quarter of 2025, according to the fiscal third quarter results of real estate developer John Keells Holdings (JKH).
The period was the first full quarter in which ‘all of the components of the Group’s flagship integrated resort were operational, following the opening of the luxury-standard casino, the ultra-high-end- 113-room Nuwa hotel, and the first phase of the premium shopping mall’.
The casino and the Nuwa hotel are operated by gaming and hospitality group Melco, it’s first South Asian integrated resort venture and first project in Sri Lanka. Melco operates the casino under a 20-year casino license from the government.
The $1.2 billion City of Dreams Sri Lanka project is envisioned to be “India’s Macau”, while also targeting affluent tourists from the Middle East, Russia and China.
In its results, JKH Chairperson Krishan Balendra noted that the casino at CoD Sri Lanka “continues to record a steadily improving performance”. The group recognized fixed rental income from the casino for the quarter, “while the variable rental component will come into play once the operations reach a certain level of performance”, indicated the executive.
Balendra indicates the group is confident the integrated resort “will continue to ramp-up over the next few quarters”, noting that “it is a significant positive that the cash generation capacity of the project is starting to realize with EBITDA being positive”.
So far, ‘the Cinnamon Life and Nuwa hotels continue to be positively received by the market, both locally and internationally, while performance of the casino has seen steady improvement’, highlights the group.
The 687-room Cinnamon Life hotel is operated by the JKH group.
