for early access to the latest igaming videos!
and get the latest igaming news first!
City of Dreams Sri Lanka delivered LKR1.43 billion ($4.62 million) in adjusted EBITDA for the fourth quarter of 2025, a key milestone as reported in John Keells Holdings’ fiscal third quarter earnings. This marked the property’s inaugural full quarter with every major piece up and running: the high-end casino, the exclusive 113-room Nuwa hotel, and the opening phase of its upscale shopping mall. Melco Resorts & Entertainment manages the casino through a 20-year government license, their initial foray into South Asia and Sri Lanka specifically. JKH Chairperson Krishan Balendra pointed out the casino’s ongoing progress, with fixed rental income already flowing from the mall while performance-based variable rents await stronger metrics. He shared confidence that the $1.2 billion integrated resort will build momentum across the next several quarters, especially encouraging as cash generation finally shows positive signs through that black-ink EBITDA. Both the 687-room Cinnamon Life hotel, run by JKH, and Nuwa continue earning strong praise from local guests and international travelers alike, while the casino charts a clear path of steady improvement.
Full Resort Activation Unlocks Synergies
The Q4 was unique in the sense that it was the first time the resort was operating at full capacity, and it enabled the integration of the casino, the luxury stay experience of Nuwa, and the retail of the mall. Described as a possible “India’s Macau,” the project aims to cater to the high-end market of India, aside from the Middle East, Russia, and China, and to integrate gaming entertainment with world-class hospitality and shopping. Balendra emphasized how fixed mall rents from the casino provide a reliable base now, with variables structured to reward hitting specific operational targets, smart alignment that motivates peak performance without upfront risks. The positive EBITDA value is a testament to the massive investment made after all these years of development, as it shows that the pieces are capable of churning out real revenue in the early stages. The quality of the guests at Cinnamon Life and Nuwa is phenomenal, as it fills the rooms from Colombo locals to international high rollers, which then spills over to the casino and mall for additional revenue.
Steady Casino Gains Build Optimism
Balendra’s outlook hinges on the casino’s consistent uptick, a bright spot as all parts integrate. The 20-year Melco license locks in stable management expertise, letting JKH focus on property-wide growth. Variable rents add upside once thresholds clear, tying partner success to JKH’s bottom line. Positive cash from EBITDA eases financing pressures, freeing capital for tweaks or expansions. Hotels’ market reception, both Cinnamon Life’s scale and Nuwa’s exclusivity, bolsters occupancy, layering non-gaming revenue atop a gaming core for balanced books.
Targeting Key Visitor Markets
The resort casts a strategic net for Indian elites as its namesake “Macau,” while courting Middle East luxury seekers, Russians, and Chinese VIPs with tailored gaming, stays, and retail. Cinnamon Life’s 687 rooms handle volumes, Nuwa caters to ultra-premium tastes. Casino license secures Melco’s long-haul ops, JKH reaps escalating rents.
Ramp-Up Phase Promises Scale
Q4’s full operations yield proof the model works, EBITDA positivity amid startup ramps. Hotels draw crowds, casinos strengthen—setting up peak-season surges. JKH-Melco team blends developer savvy with operator polish for lasting pull.
Source: Asia Gaming Brief (AGB)
