The head of Genting Singapore Ltd says the company is “actively working on executing” the expansion project of its Resorts World Sentosa casino resort in Singapore.
The company has pledged to invest SGD6.80 billion (US$5.05 billion) to upgrade and expand the complex, via a project known as RWS 2.0. Resorts World Sentosa is one of Singapore’s two casino resorts.
“We remain committed to our purpose of transforming Resorts World Sentosa, leveraging our strengths to adapt and stay competitive in the tourism landscape, while driving sustainable growth for our stakeholders,” stated Lim Kok Thay (pictured in a file photo) in a message included in Genting Singapore’s 2024 annual report, published on Monday.
“We are also actively working on executing the second phase of our RWS 2.0 plans,” he added.
Genting Singapore is a subsidiary of Malaysian conglomerate Genting Bhd.
Mr Lim said 2024 was a “year of transformative progress” for Resorts World Sentosa.
“We were dedicated to ensuring seamless operations while making preparations for the launch of the first phase of Resorts World Sentosa 2.0 in 2025 – a significant milestone in driving our future success,” observed the chairman.
The group opened on February 14 the Universal Studios Singapore new themed zone, “Illumination’s Minion Land”.
This will be followed by the opening in third-quarter 2025 of a “super luxury all-suite hotel” – replacing the Hard Rock Hotel, which closed in March last year – and the Singapore Oceanarium, according to corporate information.
In mid-November the company broke ground for a new waterfront development at the complex. The firm expects that expansion to be completed in 2030.
“We remained agile, staying ahead of lifestyle and tourism trends by enhancing our existing offerings with innovative events and experiences,” said Mr Lim. “These efforts supported the resilience of our business performance.”
On November 18, the city-state’s Gambling Regulatory Authority announced that the casino licence of Resorts World at Sentosa Pte Ltd, the operating entity of Resorts World Sentosa, had been renewed for two years – a period shorter than permitted under regulations – due to an assessment the property had an “unsatisfactory” tourism performance between 2021 and 2023.
Genting Singapore posted annual net profit of nearly SGD578.9 million for full-year 2024, on revenue that rose 4.7 percent year-on-year, to just below SGD2.53 billion.
