The real-estate developer partner in the City of Dreams Sri Lanka casino resort says the property’s official launch on Saturday (August 2) will see “the operationalisation of all elements including a top-tier international standard casino, the ultra-luxury Nuwa hotel, and the premium lifestyle focused shopping mall”.
The activation of the different elements would “unlock its full potential as a transformative development in South Asia and be a catalyst in creating tourism demand”.
The comments were from Krishan Balendra, chairperson of John Keells Holdings Plc, the local partner in the development, and were outlined in that group’s results for the April to June period. City of Dreams Sri Lanka (pictured in a file photo), in the capital Colombo, has been described as a US$1.2-billion venture.
Global casino operator Melco Resorts & Entertainment Ltd has invested US$125 million to fit out the casino, the local partner affirmed. Melco Resorts was awarded a licence to run a gaming venue in Sri Lanka valid for a “term of 20 years effective from 1 April 2024”, according to previous information from the casino group.
Melco Resorts also has operations in Macau, the Philippines and the Republic of Cyprus. According to a Thursday press release from the firm, casino operations at City of Dreams Sri Lanka are to start this Friday (August 1).
Mr Balendra said in his group’s quarterly report regarding the coming non-gaming at City of Dreams Sri Lanka: “The shopping mall, branded as ‘The Shoppes’, will commence operations in a phased manner, with the elements and offerings of the mall gradually ramping up.”
A 687-room hotel branded Cinnamon Life has been open at the complex since last autumn.
Mr Balendra stated: “The Cinnamon Life hotel continues to be positively received by the market, both locally and internationally, with encouraging demand and bookings for the various conference and event spaces at the property.”
According to John Keells’ annual report, dated May 27, the 113-room Nüwa at City of Dreams Sri Lanka will be on the top five floors of the hotel tower at the resort, with “dedicated access to the casino”.
The latter will have 180,000 square feet (circa 16,725 sq. metres) available for gaming operations. Melco Resorts is leasing out the space from Waterfront Properties (Private) Ltd, which is the entity owning the resort.
‘A-list Indian superstar’ for launch event
In its latest filing, Mr Balendra said Saturday’s official launch of the complex “marks the realisation of South Asia’s first fully integrated luxury resort,” which would “transform Colombo’s positioning as a regional hub for tourism, leisure, and entertainment.”
John Keells’ chairperson added: “The impact of this project on tourism and the economy is expected to be significant, mirroring the success of integrated resorts in the region, including in more developed tourism markets like Singapore.
“The group is confident that the culmination and convergence of all elements in the operationalising of City of Dreams Sri Lanka will unlock its full potential as a transformative development in South Asia and be a catalyst in creating tourism demand, enhancing foreign exchange earnings for Sri Lanka and generating employment.
Data from the Sri Lanka Tourism Development Authority indicate that the country recorded just over 2.05 million visitor arrivals in 2024, of which 416,974 were generated by Indians, up 37.7 percent from the 302,844 recorded in 2023, and making India the country’s top-ranked source market.
Saturday’s launch event for City of Dreams Sri Lanka is due to feature “a special performance by an A-list Indian superstar, elevating the occasion and underscoring the resort’s significance and appeal, particularly in the region,” said John Keells’ Mr Balendra.
His group’s profit attributable to equity holders in the three months to June 30 was a negative LKR803.7 million (US$2.66 million) compared to a negative LKR868.2 million in the corresponding period of the previous financial year.
The firm said that was “mainly due to the higher losses incurred at Waterfront Properties, the project company of City of Dreams Sri Lanka, at a negative LKR4.19 billion”.
(Updated at 8.15am, August 1)
