City of Dreams becomes Sri Lanka’s largest private investment
The Morning: City of Dreams Sri Lanka, a $ 1.2 billion integrated resort backed by John Keells Holdings (JKH) and Melco Resorts and Entertainment, has become the country’s largest private sector investment and is being positioned as a driver of economic transformation.
The project combines luxury hotels, entertainment spaces, retail, dining, residences, and a Melco-operated gaming and hospitality offering, with the developers framing it as a catalyst for growth.
“This is not merely a physical development, this is a declaration of belief in Sri Lanka’s future, in its resilience and in the power of long-term vision,” JKH Chairperson Krishan Balendra said, addressing the launch. He stressed that the development is designed to build investor confidence and signal that “Sri Lanka is open, stable and investable.”
Balendra outlined how the resort, located in Colombo, is expected to generate thousands of jobs across sectors including construction, technology, hospitality and retail, with a knock-on effect for small and medium enterprises supplying goods and services.
He said the integrated resort’s scale would “contribute meaningfully to GDP growth, while also triggering infrastructure development in surrounding areas.”
Melco Resorts and Entertainment Chairperson Lawrence Ho, whose company operates the Nuwa luxury hotel and entertainment facilities within the resort, highlighted Sri Lanka’s potential as a gateway to India, China, Russia and the Middle East.
“This project is about more than just creating a luxury resort. It’s about helping to elevate Sri Lanka’s global profile and contributing to its growing tourism economy,” Ho said.
City of Dreams Sri Lanka includes two hotels, Cinnamon Life with 687 rooms and the ultra-luxury NÜWA with 113 rooms, 17 dining outlets, entertainment venues, residences, retail and event spaces.
It is the first integrated resort of its kind in South Asia and a partnership intended to put Colombo on the map as a luxury urban destination.
JKH and Melco say their combined focus on long-term investment, international standards, and local talent development reflects confidence in Sri Lanka’s ability to compete for global tourism and business while spurring private-sector led growth in the economy.
OSL take:
Sri Lanka’s ongoing economic expansion is further evident by the launch of investment projects like the City of Dreams – an integrated resort aimed at attracting high-spending tourists to the country. Such projects are indicative of the steady growth in the country’s foreign direct investments as well as the tourism industry. With Sri Lanka being identified as a must visit tourist destination while working towards becoming a hub in the South Asian region have all helped present the country as an emerging business/investment destination in the region. The country’s geographical positioning in the Indian Ocean, the many trade agreements as well as trade concessions enjoyed with many foreign countries and the many incentives offered to foreign businesses/investors, have also given a boost to Sri Lanka and further expanded the business/investment opportunities in key economic sectors. The expanding business/investment opportunities in Sri Lanka and the interest shown by foreign businesses/investors to explore them are further indicative of the increasing business potential of Sri Lanka. Foreign businesses/investors while exploring the many opportunities in the country’s key economic sectors could also look at further expanding operations through local collaborations.
| Article Code : | VBS/AT/20250813Z_1 |