Almost completed: City of Dreams Sri Lanka, the casino operated by Melco Resorts, is nearly ready to welcome guests.
In the heart of Sri Lanka, an island nation off the southeastern tip of India, the City of Dreams Sri Lanka casino and integrated resort has finally opened its doors. This ambitious project, developed by Melco Resorts, stands as a testament to the company's confidence in Sri Lanka's future and their commitment to nation-building through transformative investments.
Located within the Cinnamon Life complex, the casino spans an impressive 180,000 square feet and is Melco Resorts' fourth property, with resorts in Macau, the Philippines, Cyprus, and now Sri Lanka. The resort includes two hotels, expansive convention facilities, a retail shopping and dining promenade, and immersive entertainment experiences.
Lawrence Ho, the founder, chair, and CEO of Melco Resorts, believes Sri Lanka has immense potential. Melco Resorts will operate the casino for at least the next two decades, having agreed to pay John Keells Holdings, the local developer, $125 million for the privilege.
Sri Lanka legalized casinos in special gambling zones in 2010, but no casinos have opened due to public opposition. However, the opening of the City of Dreams Sri Lanka is expected to stimulate tourism demand and promote economic growth in the country.
The opening of the City of Dreams Sri Lanka comes at a crucial time for the nation, which entered a recovery phase after an economic crisis in 2022. Sri Lanka secured a $2.9 billion bailout with the International Monetary Fund in March 2023 to restore stability and pay down debt. The resort is expected to have a sustainable economic impact on the small country, creating more than 20,000 direct and indirect jobs.
Melco Resorts will have a monopoly on casino gaming in Sri Lanka when its City of Dreams opens on August 2. This contrasts with Crown Resorts, a former partner of Melco Resorts, who attempted to enter Sri Lanka soon after the country's gambling law was enacted 15 years ago with a proposed $450 million casino and resort project. However, Crown Resorts' attempt ultimately failed when the project was halted and the casino licenses were cancelled by the incoming government, leading to Crown seeking to sell its investment by December 2016.
The successful opening of the City of Dreams Sri Lanka is a significant milestone for the country, redefining Colombo and putting Sri Lanka "on the global tourism map." The destination is poised to make a lasting and positive impact on the nation's economy and culture.
- The City of Dreams Sri Lanka, a casino and integrated resort, has opened within the Cinnamon Life complex, marking the entry of Melco Resorts into Sri Lanka.
- Covering an expansive 180,000 square feet, the City of Dreams Sri Lanka is Melco Resorts' fourth property, joining those in Macau, the Philippines, Cyprus, and Asia.
- Lawrence Ho, the founder, chair, and CEO of Melco Resorts, sees immense potential in Sri Lanka, committed to nation-building through transformative investments.
- Melco Resorts will operate the casino for at least the next two decades, having agreed to pay $125 million to John Keells Holdings, the local developer.
- After Sri Lanka legalized casinos in special gambling zones in 2010, the City of Dreams Sri Lanka is the first casino to open, facing public opposition in the past.
- The City of Dreams Sri Lanka is expected to stimulate tourism demand, promote economic growth, and create more than 20,000 direct and indirect jobs.
- In contrast to Melco Resorts, Crown Resorts attempted to enter Sri Lanka a decade ago with a proposed $450 million casino and resort project, eventually halted by the government, leading to the sale of their investment by 2016.
- As the City of Dreams opens on August 2, Melco Resorts will hold a monopoly on casino gaming in Sri Lanka.
- The opening of the City of Dreams Sri Lanka signifies a significant moment for Sri Lanka, transforming Colombo and positioning the country on the global tourism map.
- The casino-and-gambling culture brought by the City of Dreams Sri Lanka will contribute to Sri Lanka's economy and culture, aligning with gambling trends and casino personalities seen in Las Vegas.
- As with all casino entertainment, responsible gambling is crucial for the continued enjoyment of casino-games at the City of Dreams Sri Lanka, ensuring a positive impact on the nation's economy and culture.
