The head of Genting Singapore Ltd says the reinvestment in the group’s casino resort in the city-state, Resorts World Sentosa (RWS), “is an incredible opportunity” for the company to “upscale” the experiences it offers customers and “continue to drive” growth.
Lim Kok Thay – writing in the firm’s annual report in his capacity as executive chairman – was referring to the company’s pledge to invest SGD6.80 billion (US$5.05 billion) to upgrade and expand Resorts World Sentosa.
The figure includes “amounts which have been spent and the remainder to be invested over the next eight years,” the company said in November last year when it announced the reinvestment plan. That was a reference to a previous SGD4.5-billion pledge to the city-state’s authorities for the expansion of the complex, known as “RWS 2.0”.
As part of the renovation plans, Mr Lim said construction of a new “Waterfront development” was “set to commence in late 2024,” after receiving the local “government’s provisional permission”.
The Waterfront site (pictured in an artist’s rendering) is due to offer approximately 700 hotel rooms and “biophilic architecture”, designed by international architecture firm Benoy.
Genting Singapore said earlier this year that the tenders for the new waterside development had “been issued,” with submissions “expected in the second quarter” of 2024.
The ongoing developments taking place at Resorts World Sentosa as part of its expansion – including Minion Land at the complex’s Universal Studios Singapore theme park, and the Singapore Oceanarium – “are progressing well,” stated the chairman, adding that completion of construction on Singapore Oceanarium is expected “by early 2025”.
The opening of the renovated Forum shopping area – construction work started in May last year – is “anticipated in the first quarter of 2025,” stated Mr Lim. The Forum’s gross floor area will more than double to around 20,000 square metres (215,278 sq feet) over three levels, according to the company.
Hard Rock’s hotel brand was dropped from the complex earlier this month, as the hotel “will undergo a complete makeover” as part of Resorts World Sentosa’s expansion.
Genting Singapore posted a net profit of nearly SGD611.6 million for full-year 2023, on revenue that rose 40.1 percent year-on-year, to just below SGD2.42 billion.
