Sri Lanka has the potential to become for India what Macau is to China, according to Lawrence Ho, chairman of Melco Resorts & Entertainment Ltd., as the Hong Kong-listed gaming resorts operator opened its first South Asian property in Colombo on August 2.
“Sri Lanka can be to India what Macau is to China,” Ho said at the launch of the $1.2 billion City of Dreams Sri Lanka project, developed with the country’s John Keells Holdings.
“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,” he added.
The plush property – more than a decade in the making – includes two hotels, apartments, adult gaming facilities, restaurants, a shopping mall and event spaces.
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.”
Investment signal
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.
Stability after setbacks
Balendra said the resort was conceived in 2010 as Sri Lanka emerged from a 25-year civil war.
“We stayed the course despite the Easter bombings, the pandemic and the economic crisis,” he said. “We believe the stability we are seeing now creates an opportunity to position Colombo as a regional and global hub.”
A formal legal framework for gaming, introduced in 2023, enabled Melco to enter the market. The company has a 20-year license to operate adult gaming facilities within the resort.
Early signs
Balendra 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.
Source: Gulf News
--Agencies
