GGRAsia – RWS to invest US$298mln in upgrade starting 2Q22

RWS to invest US$298mln in upgrade starting 2Q22

Feb 18, 2022 Newsdesk Latest News, Singapore, Top of the deck

Casino complex Resorts World Sentosa (RWS), operated by Genting Singapore Ltd, will invest SGD400 million (US$297.8 million) in upgrading some of its attractions and refurbishing three existing hotels. “Construction will commence in the second quarter of 2022,” said Genting Singapore in a Thursday press release.

These enhancements are part of a SGD4.5-billion spending commitment by Genting Singapore, made to the Singapore government and announced in April 2019. It marks the start of the so-called “2.0” expansion of Resorts World Sentosa, as part of an arrangement that sees Genting Singapore keep until 2030 its half of Singapore’s casino duopoly.

The complex’s Universal Studios theme park will feature a new zone, called “Minion Land”.

The S.E.A. Aquarium will also be “significantly enhanced and rebranded as the Singapore Oceanarium,” said the release. The Singapore Oceanarium, described as three times bigger than the current S.E.A. Aquarium, should be completed by the end of 2024, the management of Resorts World Sentosa told GGRAsia last month.

Resorts World Sentosa said it would also be refurbishing three of its hotels: Hard Rock Hotel Singapore; Hotel Michael; and Festive Hotel, which collectively offer more than 1,200 rooms.

“These hotels will undergo renovation works in phases from the second quarter of 2022 through 2023,” said the promoter. A “refurbishment and upgrade” is also planned for the Resorts World Convention Centre, it added.

Brokerage Sanford C. Bernstein Ltd said in a Thursday note that the management of Resorts World Sentosa was “reworking some of the [expansion] project to focus on combining business and leisure offering to attract more premium customers.”

Resorts World Sentosa also said it would strengthen its “commitment to sustainability,” pledging to achieve carbon neutrality by 2030.

Thursday’s release quoted Tan Hee Teck, chief executive of Resorts World Sentosa, as saying: “With our upcoming Resorts World Sentosa 2.0 developments, we are confident that Resorts World Sentosa will be well-positioned to lead the recovery of Singapore’s tourism as borders gradually reopen.”

He added: “We are fortunate that Singapore has a comprehensive plan on reviving international travel in a safe manner and inspire travel to Singapore.”

The city-state is expanding the list of places able to participate in its vaccinated travel lane scheme, with officials saying it is part of a strategy for living with Covid-19 and the Omicron variant of the disease. From March 4, Singapore will start vaccinated travel lanes with Israel and the Philippines, according to Wednesday announcements by the country’s Ministry of Transport and the Civil Aviation Authority.

On Thursday, Genting Singapore reported net profit of SGD183.3 million in 2021, compared to SGD69.2 million the year before.