Melco International Development (00200.HK) announced, on April 30, 2024, Melco International Development (00200.HK) announced a partnership with John Keells Holdings PLC (“John Keells”), the largest listed group on the Colombo Stock Exchange, to develop a $1 billion integrated resort project under John Keells in the center of Colombo.

As part of the partnership, Melco Entertainment announced that the integrated resort formerly known as “Cinnamon Life Integrated Resort” will be renamed under the “City of Dreams Sri Lanka” brand. City of Dreams Sri Lanka will be the first integrated resort in Sri Lanka and South Asia. The project has excellent architecture and design, and offers a range of iconic and unrivaled experiences, including 800 hotel rooms, retail, catering and exhibition facilities, and will set a new standard for luxury hotels, entertainment and leisure experiences in Sri Lanka.

Melco Entertainment also announced that a local wholly-owned subsidiary has been granted a 20-year casino license by the Sri Lankan Government. Melco Entertainment will be responsible for the decoration and operation of the City of Dreams Sri Lanka gaming area. Of the 800 guest rooms in City of Dreams sRilanka, 113 ultra-high-end luxury rooms, that is, the top five floors of the hotel building, will be named after the “Yiju” brand owned by Melco Entertainment and managed by Melco Entertainment.

Melco Entertainment and John Keells have reached an agreement on major commercial arrangements, and it is expected that the casino decoration project will commence in the short term. The casino's initial investment is expected to be around $125 million. The integrated resort's non-gaming facilities, including the 687-room Cinnamon Life Hotel managed by John Keells, are in the final stages of completion and are expected to commence operation in the third quarter of 2024. Depending on performance and market conditions, the gaming facility may be further expanded.