The $1 billion project, City of Dreams Sri Lanka (COD SL), is a joint development by local conglomerate John Keells Holdings and global gaming operator Melco Resorts & Entertainment. It features two hotels, a casino, retail outlets, restaurants, and conference facilities.

“This is the largest private investment in our country’s history,” said Krishan Balendra, chairperson of John Keells Group, at the launch. “It’s not just a development but a destination designed to catalyse economic growth.”

Located within the Cinnamon Life precinct in central Colombo, the complex includes the 687-room Cinnamon Life hotel and the 113-room NUWA hotel operated by Melco. A casino and entertainment area run to international standards is also part of the offering.

Melco CEO Lawrence Ho said the project reflected a “remarkable collaboration” blending the company’s integrated resort experience with Sri Lankan culture and hospitality.

“Sri Lanka can be to India what Macau is to China”, Ho said at the resort’s launch on saturday. “Macau is by far the biggest gaming market in the world. Colombo is the closest destination to India, and an integrated resort like this gives the city a lot of potential.”

The resort also includes 17 restaurants and bars, luxury retail outlets, and large-scale event spaces aimed at the meetings, incentives, conferences, and exhibitions (MICE) market. Residences and office spaces form part of the broader development.

More than 500 Sri Lankan artisans, designers and hospitality staff worked alongside international teams in the project’s final stages.

Melco Resorts, which operates casino-resorts in Macau, the Philippines, and Cyprus, posted total operating revenues of US$1.33 billion for the second quarter of 2025, marking a 15 per cent year-on-year increase.

The group also reported a strong rebound in its results during the second quarter of the year in Macau, with its gaming and non-gaming businesses hitting record highs, according to the company’s latest conference call.