City of Dreams Sri Lanka generated LKR340m (US$1.02m) in EBITDA for the quarter ended 30 September 2026, compared with negative LKR64m a year earlier, according to developer John Keells Holdings (JKH).
The Colombo integrated resort includes the Cinnamon Life and Nuwa hotels, a casino and a shopping mall. It remains in its ramp-up phase.
Nuwa, the casino and the mall opened in August 2025, partway through the previous-year comparison, so the two quarters do not contain the same number of operating months across all components.
Despite the improvement in operating earnings, City of Dreams Sri Lanka recorded a LKR1.19bn pre-tax loss, narrowing from LKR3.39bn a year earlier. Depreciation, amortisation and interest totalled LKR2.43bn.
A LKR896m exchange gain on its foreign-currency loan also supported the pre-tax result, reversing a LKR523m exchange loss in the previous-year quarter.
City of Dreams Sri Lanka quarterly EBITDA (LKR m)
Q1 2025/26 reflects Cinnamon Life before Nuwa, the casino and mall opened in August 2025.
Hotel occupancy and average room rates increased, helping hotel EBITDA. JKH said higher electricity and costs associated with bringing the resort fully into operation slowed quarter-on-quarter hotel momentum.
The casino, operated by Melco Resorts & Entertainment, improved as activity increased. JKH recognised fixed rental income from the gaming operation; variable rent becomes payable only after performance meets an agreed threshold.
The resort's Q2 EBITDA was lower than the LKR389m JKH reported for the preceding June quarter. For the six months to September, resort EBITDA totalled LKR729m, compared with negative LKR1.06bn a year earlier.
The mall had leased stores and food outlets still scheduled to open after September, leaving another part of the property in its start-up phase. JKH did not break out standalone City of Dreams Sri Lanka revenue or profit after tax, leaving the pre-tax loss as the clearest measure of its remaining profitability gap.
At parent level, JKH reported quarterly group revenue of LKR142.09bn, group EBITDA of LKR18.30bn and group profit after tax of LKR5.82bn. These figures cover its transport, food, retail and other businesses as well as the integrated resort.
In February, an analysis of Asian casino resorts described City of Dreams Sri Lanka's role in attracting visitors through meetings and events. The latest results provide an early financial measure of the development's broader tourism strategy.
JKH refinanced a US$189m syndicated loan for the resort in March 2026 and reduced the outstanding principal to US$150m
