The nightlife in Colombo can not be compared to Thailand, Vietnam or Cambodia as the amount of nice venues is fairly limited to Karaoke bars and casinos.
Of course, there are a few night clubs with also a bit of live music, but prices are high and the entertainment factor is low.
That's why so many Colombo citizens are coming out to Unawatuna and Hikkaduwa whenever they want to have a real party going on.