Sri Lanka is the next stop on Melco Resorts' expansion path. According to the Hong Kong-based gaming and hospitality company, the first visitors will arrive at the City of Dreams Sri Lanka resort on August 2.
In 2010, Sri Lanka, an island nation off the southeast coast of India, authorized casinos in designated gambling areas. However, because of widespread opposition to businesses that resemble Las Vegas, only modest boutique casinos have opened. When Melco activates its City of Dreams Sri Lanka slot machines in around a month, that will soon change.
The City of Dreams casino in Sri Lanka has 180K square feet in size. The 800-room hotel and casino are a part of the Cinnamon Life complex, Sri Lanka's first integrated resort development, owned by John Keells Holdings.
"We believe Sri Lanka has immense potential, and this opportunity complements our existing portfolio of properties. City of Dreams Sri Lanka is expected to serve as a catalyst for stimulating tourism demand and promoting economic growth in Sri Lanka, drawing inspiration from the successful examples set by similar integrated resorts in other jurisdictions,” said Lawrence Ho, the founder, chair, and CEO of Melco Resorts.
The casino and two hotels, Cinnamon Life and Nüwa, are part of City of Dreams Sri Lanka, which also has large convention spaces, a promenade for dining and shopping, and immersive entertainment.
John Keells Holdings, a company based in Sri Lanka, won over the government for a more than $1.2 billion project that the developers claim will "redefine" Colombo and put the nation "on the global tourism map" after two decades of political wrangling that prevented casinos from entering the country despite the 2010 law. According to John Keells, the location will serve as a catalyst for tourism, which will benefit the little nation's economy in the long run.
In 2022, Sri Lanka experienced an economic catastrophe, although it has already begun to recover. In March 2023, the country and the International Monetary Fund agreed to a $2.9 billion bailout to bring stability and enable debt repayment.
Together with resorts in the Philippines, Cyprus, and Macau, China, Melco's fourth City of Dreams complex in Sri Lanka is expected to create over 20,000 direct and indirect jobs.
"City of Dreams Sri Lanka stands as a bold testament to our confidence in Sri Lanka’s future and our continued commitment to nation-building through transformative investments,” added Krishan Balendra, chair of the John Keells Group.
John Keells is receiving $125 million from Melco to run the City of Dreams casino in Sri Lanka for 20 years.
When Melco Resorts' City of Dreams opens in early August, it will have a monopoly on casino gaming in Sri Lanka. In Cyprus, another island republic in the Mediterranean Sea, it also regulates casino gaming.
Shortly after Sri Lanka's gaming law was passed fifteen years ago, Melco's erstwhile partner Crown Resorts made an attempt to enter the country. The proposed $450 million casino and resort, known as Crown Sri Lanka, was to be constructed in Colombo on the shores of Beira Lake.
When local civic organizations opposed the casino on moral and conservative grounds, the project ran into problems.
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