A proposed casino project is one of multiple developments previously planned for Sri Lankan financial, commercial and lifestyle hub Colombo Port City that has recently dropped out, according to the area’s regulatory body.
Director General Revan Wickramasuriya, director of the Colombo Port City Economic Commission (CPCEC), told a parliamentary committee that the casino, as well as a private hospital and an educational institute were among five projects to have withdrawn for various reasons.
Local media outlet Economy Next claims that Japan’s Universal Entertainment Corp, the parent company of Okada Manila in the Philippines, was the interested party but exited after conducting due diligence on a 10-hectare plot set aside for an integrated resort. IAG has not been able to find any previous reference to interest in any Sri Lankan casino development by Universal.
Wickramasuriya added, “That was another applicant that considered the integrated resort plot. They came in; they, again, withdrew during their due diligence.”
Colombo Port City is a 269-hectare reclaimed land development adjacent to the country’s commercial capital of Colombo. Developed by CHEC Port City Colombo – a subsidiary of China Harbour Engineering Company – the project is designed to become an international financial, commercial and lifestyle hub, attracting foreign investment across sectors including financial services, tourism, hospitality and real estate.
Governed by CPCEC as per legislation passed in 2021, Port City operates under a special economic-zone framework intended to facilitate investment and business activity. Its master plan includes commercial, residential and recreational precincts, as well as an International Island precinct that has been earmarked for an integrated resort and entertainment facilities.
Notably, it is located very close to Melco’s City of Dreams Sri Lanka, which opened within the Cinnamon Life resort in 2025.
The Economy Next report says that primary investments across nine leased land parcels have reached over US$1.1 billion, while lease agreements have also been executed for residential, mixed-use, marina and hotel plots.
Despite the pullouts, primary investments across nine leased land parcels have reached 1.12 billion US dollars, with lease agreements executed and completed for two residential, two mixed-use, marina, and hotel plots.
Colombo Port City has 118 land parcels of which China-backed CHEC Port City Colombo will market 48, with the government to sell 28 and retain common areas.
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