Melco helps develop Sri Lanka’s first integrated resort with JKH
View(s):Melco Resorts & Entertainment Ltd and John Keells Holdings have formed a partnership to bring Melco’s casino operations to Sri Lanka.
Melco will be the casino operator for John Keells’ US$1 billion integrated resort in central Colombo. The resort is expected to be completed and begin operations in the third quarter of 2024. Melco will pay John Keells $125 million for the 20-year casino rights and has obtained a gaming license from the Sri Lankan government. Both companies will share the net gaming revenue.
Formerly known as the “Cinnamon Life Integrated Resort,” the project will now be rebranded as City of Dreams Sri Lanka, offering 800 hotel rooms, plus retail outlets, food and beverage establishments, and MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities.
Melco Chairman and CEO Lawrence Ho sees Sri Lanka as the next Macau for India (like Macau is for China), tapping into the country’s large population and growing economy. Melco aims to target the Indian gaming market as a feeder market, as well as other regions and believes there is significant growth potential in these markets.
“The 687-key ‘Cinnamon Life’ hotel and related facilities are in the final stages of fit-out and completion and is slated to commence operations by the third quarter of the calendar year 2024. The 113-key exclusive hotel, situated on the top 5 floors of the integrated resort, will be managed by Melco under its ultra high- end luxury hotel brand ‘Nuwa’, which has a presence in Macau and the Philippines. Melco’s ultra high-end luxury-standard hotel and casino, together with its global brand and footprint, will strongly complement the MICE, entertainment, shopping, dining and leisure offerings in the ‘City of Dreams Sri Lanka’ integrated resort, establishing it as a one-of-a-kind destination in South Asia and the region,” a JKH media release said, As envisaged, the structure of the gaming operations at the integrated resort owned by WPL, a subsidiary of the John Keells Group, will see Melco investing in the fit-out of the casino and leasing approximately 180,000 square feet from WPL, in its capacity of owner and landlord, to operate the casino within ‘City of Dreams Sri Lanka’, it added.
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