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Tourism Breaking News
5 days ago
- Business
- Tourism Breaking News
City of Dreams Sri Lanka – A Landmark National Transformation
Post Views: 522 Sri Lanka's largest investment and South Asia's first integrated resort opened its doors, heralding a bold new chapter in the nations' economic journey. Positioned at the crossroads of modern luxury and local artistry, City of Dreams Sri Lanka (COD SL), is a living showcase of Sri Lankan ambition, creativity and global vision. The transformative destination set to redefine the skyline, economy and future of Sri Lanka is the proud product of John Keells Holdings and Melco Resorts & Entertainment (Melco). It is where innovation, opportunity and national pride, converge to shape a modern and globally admired Sri Lanka. 'This is a defining moment for Sri Lanka,' said Krishan Balendra, Chairperson of the John Keells Group. 'City of Dreams is the largest private investment in our country's history—an ambitious national vision brought to life. More than a development, it is a world-class destination designed to catalyse economic growth, elevate our global profile, and help shape a modern, forward-looking Sri Lanka that inspires generations to come.' Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment stated, 'We are honored to partner with John Keells Group on this visionary project. City of Dreams Sri Lanka reflects a remarkable collaboration, combining Melco's expertise with the warmth and culture of Sri Lanka. 'Through our role in operating NÜWA and the entertainment and gaming offerings, we are proud to contribute to a destination that celebrates Sri Lanka's unique identity while setting new standards for luxury and hospitality in South Asia.' Behind COD SL's gleaming façade lies a story of collaboration and craftsmanship. Over the last year, more than 500 local artisans, hospitality professionals, and creatives, partnered with international designers and Melco's global experts to bring this vision to life. From hand-carved interiors to curated art pieces, the resort is a canvas of Sri Lankan talent elevated for the world stage. The opening event brought together acclaimed international and local artistes, immersive multimedia installations, and culinary showcases, reflecting the integrated resort's promise to create moments that are as inspiring as they are unforgettable. A New Chapter for Colombo City of Dreams Sri Lanka is not just a luxury opening—it represents a symbol of resilience and renewal. As Colombo evolves into a vibrant, urban tourism hub, City of Dreams Sri Lanka is set to lead the way by hosting marquee events, attracting high-value travelers, and fostering a thriving ecosystem of local businesses. City of Dreams Sri Lanka is the region's first fully integrated resort, offering an ecosystem of experiences under one roof. This includes: (113 ultra-luxury rooms). A state-of-the-art casino and entertainment zone, operated by Melco, to international standards and governance Seventeen signature restaurants and bars curated by globally acclaimed chefs, introducing innovative menus inspired by Sri Lanka's vibrant culinary heritage. curated by globally acclaimed chefs, introducing innovative menus inspired by Sri Lanka's vibrant culinary heritage. Luxury retail promenade featuring designer brands alongside artisanal Sri Lankan featuring designer brands alongside artisanal Sri Lankan Expansive event and MICE facilities with state-of-the-art technology, redefining Colombo as a destination for conferences, exhibitions, and cultural festivals. with state-of-the-art technology, redefining Colombo as a destination for conferences, exhibitions, and cultural festivals. Residences and Offices are also a part of the COD
Business Times
04-08-2025
- Business
- Business Times
Melco eyes global casino expansion on new asset-light model
[HONG KONG] Melco Resorts & Entertainment is in talks to expand its brand beyond Macau, with plans to ramp up an asset-light strategy by teaming up with local partners to co-run multi-billion-dollar casino projects, chief executive officer Lawrence Ho said. The approach would help the group reduce debt and capture growth opportunities in emerging markets, Ho, who is also Melco's founder, said in a video interview with Bloomberg News from Colombo on Saturday (Aug 2). He is in the Sri Lankan capital to open a casino resort, its first project under the new strategy. 'Having these new opportunities come up, our asset-light strategy allows us to do those and also have management fees and Ebitda associated with it, without committing serious capital,' Ho said. He did not name the new markets the company is exploring but said the group may reveal more details about its efforts within the next 12 to 18 months. Melco has racked up more than US$7 billion of debt, the highest among Macau's six casino operators, after its global expansion was disrupted by three years of Covid curbs in China that limited tourism. The group is now focusing on reducing its borrowings as Macau's growth potential has been constrained by Beijing's crackdown on high rollers and tighter regulations. Melco is pursuing its asset-light strategy expansion as countries from the United Arab Emirates to Japan and Thailand look to boost tourism by legalising casinos. The group in February announced plans to explore a sale of its Manila resort to help cut debt and free up capital. Ho had previously described Thailand's casino legalisation efforts 'a generational opportunity'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up However, Thailand's plan has stalled after the government withdrew the bill last month amid public opposition and political turmoil. The delay could benefit the group, Ho said, giving the company more time to cut debt and increase capital. City of Dreams Sri Lanka is a US$1.2 billion joint development between Melco and the country's major conglomerate John Keells Holdings. Melco has invested about US$125 million and will operate the gaming floors and some accommodations. The project includes 800 luxury hotel rooms and suites, convention facilities and premium retail spaces. The group also operates a casino resort in Cyprus and is exploring ways to recoup part of its investment, Ho said. Options include replacing some of the initial shareholders' loans with bank loans or bringing in strategic investors, he added. Melco posted US$378 million in adjusted property earnings before interest, taxes, depreciation and amortisation for the three months ended June, up 25 per cent year on year, and beating analysts' expectations. The performance follows a boom in Macau's non-gaming activities, including concerts and entertainment shows, as well as a bullish stock market in Hong Kong and mainland China. The company has stepped up its non-gaming offerings in Macau, including the May relaunch of the long-running show, The House of Dancing Water. The show, which takes place in a 2,000-seat theatre, has helped boost footfall by about a third, Ho said, creating opportunities for the group to attract more visitors to its gaming floors. 'The House of Dancing Water has helped a lot on the non-gaming, including packages with hotels and restaurants,' said Ho. 'But I think the next step that we want to capitalise more on is the gaming part of it.' BLOOMBERG
Syyaha
03-08-2025
- Business
- Syyaha
City of Dreams Sri Lanka – A Landmark National Transformation
Colombo, Sri Lanka – 2 August 2025: Sri Lanka's largest investment and South Asia's first integrated resortopened its doors, heralding a bold new chapter in the nations' economic journey. Positioned at the crossroads ofmodern luxury and local artistry, City of Dreams Sri Lanka (COD SL), is a living showcase of Sri Lankan ambition, creativity and global vision. The transformative destination set to redefine the skyline, economy and future of Sri Lanka is the proud productof John Keells Holdings and Melco Resorts & Entertainment (Melco). It is where innovation, opportunity and national pride, converge to shape a modern and globally admired Sri Lanka. 'This is a defining moment for Sri Lanka,' said Krishan Balendra, Chairperson of the John Keells Group.'City of Dreams is the largest private investment in our country's history—an ambitious national visionbrought to life. More than a development, it is a world-class destination designed to catalyse economicgrowth, elevate our global profile, and help shape a modern, forward-looking Sri Lanka that inspires generations to come.' Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment stated, 'We are honored to partnerwith John Keells Group on this visionary project. City of Dreams Sri Lanka reflects a remarkable collaboration, combining Melco's expertise with the warmth and culture of Sri Lanka. 'Through our role in operating NÜWA and the entertainment and gaming offerings, we are proud tocontribute to a destination that celebrates Sri Lanka's unique identity while setting new standards for luxury and hospitality in South Asia.' Behind COD SL's gleaming façade lies a story of collaboration and craftsmanship. Over the last year, more than500 local artisans, hospitality professionals, and creatives, partnered with international designers and Melco'sglobal experts to bring this vision to life. From hand-carved interiors to curated art pieces, the resort is a canvas of Sri Lankan talent elevated for the world stage. The opening event brought together acclaimed international and local artistes, immersive multimedia installations,and culinary showcases, reflecting the integrated resort's promise to create moments that are as inspiring as they are unforgettable. A New Chapter for Colombo City of Dreams Sri Lanka is not just a luxury opening—it represents a symbol of resilience and renewal. AsColombo evolves into a vibrant, urban tourism hub, City of Dreams Sri Lanka is set to lead the way by hosting marquee events, attracting high-value travelers, and fostering a thriving ecosystem of local businesses. City of Dreams Sri Lanka is the region's first fully integrated resort, offering an ecosystem of experiences under one roof. This includes: Two landmark hotels: Cinnamon Life @ City of Dreams (687 rooms) and NUWA @ City of Dreams (113 ultra-luxury rooms). A state-of-the-art casino and entertainment zone, operated by Melco, to international standards and governance. Seventeen signature restaurants and bars curated by globally acclaimed chefs, introducing innovative menus inspired by Sri Lanka's vibrant culinary heritage. Luxury retail promenade featuring designer brands alongside artisanal Sri Lankan boutiques. Expansive event and MICE facilities with state-of-the-art technology, redefining Colombo as a destination for conferences, exhibitions, and cultural festivals. Residences and Offices are also a part of the COD SL.
Bloomberg
02-08-2025
- Business
- Bloomberg
Melco Eyes Global Casino Expansion on New Asset-Light Model
Melco Resorts & Entertainment Ltd. is in talks to expand its brand beyond Macau, with plans to ramp up an asset-light strategy by teaming up with local partners to co-run multi-billion-dollar casino projects, Chief Executive Officer Lawrence Ho said. The approach would help the group reduce debt and capture growth opportunities in emerging markets, Ho, who is also Melco's founder, said in a video interview with Bloomberg News from Colombo on Saturday. He is in the Sri Lankan capital to open a casino resort — its first project under the new strategy.
Yahoo
05-07-2025
- Business
- Yahoo
Macau's Recovery Accelerates: Will Melco's Top Line Keep Up?
Macau's recovery from pandemic-era lows is gaining steam and Melco Resorts & Entertainment MLCO appears to be riding that wave. Melco delivered a strong performance in the first quarter, beating revenue and earnings estimates. The company benefited from a sharp rise in visitation during peak travel periods, such as Golden Week, reflecting a renewed momentum in tourism in Macau. Strong demand in the mass gaming segment lifted table drop volumes at its flagship properties, City of Dreams and Studio City. But as investor optimism returns, the key question is whether this top-line strength is sustainable. CEO Lawrence Ho emphasized that recent gains are not just recovery-driven but also the result of operational improvements, like property renovations and the relaunch of 'House of Dancing Water.' These moves are helping to differentiate Melco's offerings and tap into China's shifting consumer preference for experiences over luxury retail. Still, high-end shopping remains a drag, especially at City of Dreams, while Studio City's more mass-focused retail has performed tailwind is China's current pro-consumption policy environment, which supports domestic tourism and discretionary spending. Yet challenges loom. Non-Macau assets, such as Manila, face a tougher competitive landscape, prompting cost revisions and strategic reviews. Furthermore, while Macau gaming spend shows resilience, the broader recovery could be vulnerable to macro headwinds and shifts in top line looks stable with further gains in first-quarter 2025. However, sustaining this momentum long-term will hinge on disciplined reinvestment, further diversification of non-gaming revenues and navigating regional volatility. The company's strong liquidity and ongoing buybacks provide a cushion, but investors should keep an eye on execution risk and competitive pressures as the post-recovery phase matures. As Melco rebuilds momentum in Macau, it faces growing competition from other U.S.-listed operators with deep pockets and established brand power, namely, Wynn Resorts WYNN and MGM Resorts MGM. Wynn, with a stronghold in the premium segment, continues to attract high-end clientele through its luxury positioning and high-quality service at Wynn Palace and Wynn Macau. Its emphasis on mass premium and operational discipline could challenge Melco's efforts to retain its share among affluent MGM China has been aggressively expanding its market share, recently surpassing 17% thanks to the strong mass-market appeal and rising contributions from non-gaming segments. MGM's alignment with local policy, especially its focus on family-friendly, non-gaming attractions, mirrors Melco's diversification strategy, intensifying the all three push forward in a more rational, cost-conscious environment, maintaining top-line growth will depend on differentiated offerings, operational excellence and effective targeting of the evolving consumer of China. Shares of MLCO have gained 84.8% in the past three months compared with the industry's growth of 40.3%. Image Source: Zacks Investment Research MLCO's current valuation looks promising for investors. The stock is currently trading at a discount compared with the industry peers, with a forward 12-month price-to-sales ratio of 0.73X. Image Source: Zacks Investment Research The Zacks Consensus Estimate for MLCO's 2025 and 2026 earnings implies a year-over-year uptick of 52.6% and 56.3%, respectively. Image Source: Zacks Investment Research Melco currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report MGM Resorts International (MGM) : Free Stock Analysis Report Melco Resorts & Entertainment Limited (MLCO) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
