-By LeN Economic Affairs Correspondent
(Lanka-e-News -31.May.2025, 11.20 PM) The City of Dreams Sri Lanka, a $1.2 billion integrated resort developed by John Keells Holdings (JKH) in partnership with Macau-based Melco Resorts & Entertainment, is slated to fully open in the third quarter of 2025. This includes the debut of a Melco-operated casino and the 113-room Nuwa luxury hotel, marking a significant milestone in Sri Lanka's efforts to boost tourism and foreign investment.
The project, initially branded as Cinnamon Life Integrated Resort, underwent rebranding following the formalized partnership with Melco Resorts in April 2024. The collaboration followed Sri Lankan authorities’ approval of a 20-year gaming license for Melco’s local subsidiary, allowing the company to operate the casino within the integrated resort.
JKH Chairman Krishan Balendra confirmed in a recent financial report that fit-out works for the Nuwa hotel and gaming operations are progressing well and are expected to be operational along with the retail mall in the third quarter of 2025.
Melco has pledged an initial investment of $125 million into the project, with expectations that the casino will generate gross gaming revenue between $200 million and $250 million annually.
The integrated resort is expected to be a transformative development in South Asia, serving as a catalyst for stimulating tourism demand and promoting economic growth in Sri Lanka.
However, the project faces challenges as JKH is reportedly under investigation by U.S. authorities concerning the conversion of institutional loans into equity and its financial dealings with India's Adani Group, which is also under scrutiny for financial conduct. These investigations could impact investor confidence and the financial outlook of the City of Dreams Sri Lanka project.
Despite these concerns, the first phase of the development, including the 687-room Cinnamon Life Hotel, a range of restaurants, and banquet facilities, commenced operations in October 2024. The remaining facilities, including the Nuwa hotel, casino, and retail mall, are expected to open together in the third quarter of 2025.
The City of Dreams Sri Lanka is poised to redefine luxury hospitality and entertainment in the region, featuring 800 hotel rooms, retail spaces, food and beverage outlets, MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, and more, with a focus on extraordinary architecture and design.
As the project progresses, stakeholders will closely monitor the developments surrounding JKH's financial investigations and their potential impact on the resort's completion and operations.
-By LeN Economic Affairs Correspondent
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by (2025-05-31 22:58:47)
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