Melco Resorts & Entertainment Limited (Melco) has announced a major partnership with John Keells Holdings PLC, a conglomerate in Sri Lanka. Together, they will develop a groundbreaking integrated resort in central Colombo, with an investment exceeding $1bn.

Formerly known as the "Cinnamon Life Integrated Resort," the project will now be rebranded as "City of Dreams Sri Lanka." City of Dreams Sri Lanka aims to redefine luxury hospitality, entertainment and leisure in the region, boasting exceptional architecture and design. It will offer 800 hotel rooms, as well as retail outlets, food and beverage options, MICE facilities, and more.

Melco's local subsidiary has secured a 20-year casino licence from the Sri Lankan Government. Melco will oversee the casino operations at City of Dreams Sri Lanka and manage the top five floors of the hotel under its Nuwa brand, offering ultra-high-end luxury rooms.

Key commercial arrangements between Melco and John Keells have been finalised, with the casino fit-out set to commence soon, representing an initial investment of around $125m. The non-gaming facilities, including the Cinnamon Life hotel managed by John Keells, are nearing completion and are expected to open in the third quarter of 2024. Casino operations are slated to begin in mid-2025, with potential for further expansion based on performance and market conditions.

Lawrence Ho, Chairman and CEO of Melco, expressed excitement about this landmark project, emphasising its potential to boost tourism and economic growth in Sri Lanka. He highlighted the collaboration with John Keells and the Sri Lankan government, underscoring their commitment to creating a positive impact on the local community and economy.