Ahead of glitzy opening of City Of Dreams in Colombo, Melco’s Lawrence Ho on casino growth
In Colombo, Sri Lanka, a new era for tourism and entertainment has begun with the official opening of the City of Dreams Sri Lanka. Developed through a partnership between Melco Resorts & Entertainment Ltd. and Sri Lanka’s John Keeills Holdings, this $1.2 billion project is a landmark development.
At the launch, Lawrence Ho, chairman of Melco Resorts, expressed a bold vision for the future. He believes that Sri Lanka has the potential to become for India what Macau is to China, serving as a premier destination for integrated resorts and entertainment. Ho highlighted Colombo’s close proximity to India as a key advantage, positioning it to become a major hub for tourism and leisure in the region.
The sprawling City of Dreams Sri Lanka property features two hotels, luxury apartments, adult gaming facilities, a variety of restaurants, a shopping mall, and extensive event spaces, promising a comprehensive resort experience.
A star-studded launch event is scheduled for tonight, with Bollywood actor Hrithik Roshan performing at what is expected to be a glittering affair.
Targeting India and the Middle East The top executive added that the sea-facing resort is designed to draw affluent tourists from India, the Middle East, Russia and China, positioning Colombo as a gateway destination.
“Sri Lanka is perfectly positioned as a gateway to key feeder markets,” said Balendra.
“India in particular is showing tremendous growth in its affluent middle and upper classes. By leveraging our global network of properties and expertise, we aim to attract high-end international travelers who are seeking world-class experiences in an authentic and unique destination like Sri Lanka.”
At the same conference, Krishna Balendra, Chairperson of the John Keels Group, pointed out that the scale of the development sends a strong signal to global investors that Sri Lanka is open, stable and investable after years of political turmoil and an economic crisis.
“This project with an investment of $1.2 billion is expected to generate a significant multiplier effect for the Sri Lankan economy. 1000s of jobs in construction, retail, technology, hospitality, FDI,” said Balendra. He added that it’s their most ambitious project, but is confident that it will boost the country’s GDP.
“Today is not just a launch of a milestone project, it’s a defining moment for Sri Lanka. This is our country’s largest private sector investment and it’s our declaration of belief in Sri Lanka’s future … Through every challenge from economic headwinds to the global pandemic, we have chosen to invest not retreat.”
Ho was equally enthusiastic. “This project is about more than creating a luxury resort,” Ho said. “It’s about helping to elevate Sri Lanka’s global profile and contributing to its tourism economy. A development of this scale has a cascading effect — it drives demand for local products, services and supply.”
‘A long bet on Sri Lanka’ Ho said he first visited Colombo in 2013 and was shown renderings of the building. “We’ve built some pretty amazing properties around the world, but this one seemed impossible,” he said. “And today, we are standing in this iconic building.”
He described the project as a collaboration aimed at helping to “raise Colombo’s profile on the map of global cities” by leveraging Melco’s experience in luxury hospitality and entertainment.
Resilience and Growth in Sri Lanka In 2010, as Sri Lanka began to recover from its 25-year civil war, a new resort was envisioned. Despite numerous obstacles over the years, including the Easter bombings, the COVID-19 pandemic, and a major economic crisis, the project remained on track. This perseverance paid off, as the current stability in the country is now seen as a prime opportunity to establish Colombo as a significant regional and global hub.
Early signs Birendra said winter bookings at the group’s hotels, including the new resort, are ahead of last year.
Melco Resorts operates integrated resorts in Macau, Manila and Cyprus, with City of Dreams Sri Lanka marking its first move into South Asia. Gulf News is on the grounds covering the glitzy opening led by Hrithik Roshan. Watch this space for more.
