In an audacious move signaling confidence in continued prosperity, Genting Singapore Limited, part of the multinational Genting Group from Malaysia, has substantially increased its investment for the refurbishment and expansion of Resorts World Sentosa, an emblem of luxury and entertainment in the bustling hub of Singapore.
In the wake of an exceptional third quarter, which saw net profits skyrocket by an impressive 59% to S$216.3 million, fortified by a robust performance in gaming services and unprecedented room rates, Genting Singapore is riding the wave of success. Motivated by this financial windfall, the company’s ambitions for Resorts World Sentosa have grown exponentially.
Initially, the estimated budget for the resort’s revamp, unveiled back in 2019, was pegged at around $2.9 billion. However, as shovels have already hit the earth to refresh the Forum, the resort’s shopping and dining haven, and to introduce the Minion Land attraction at Universal Studios, Genting Singapore’s vision has expanded. Furthermore, the development of the Singapore Oceanarium is forging ahead, with expectations set for its grand opening in the early days of 2025.
As business continues to flourish, Genting Singapore is now earmarking just over $5 billion to bring its grand vision for the resort to life. The current expansion blueprint outlines the construction of a new iconic 700-room hotel that is poised to redefine the entryway to Resorts World Sentosa and the imminent Greater Southern Waterfront district.
Embracing the principles of biophilic design, the new hotel seeks to forge a deep connection between visitors and the natural world, melding the environment with human-centred architecture. With an arresting new waterfront feature in the works, the hotel isn’t just raising the bar for luxurious accommodation; it promises to alter the very contours of Singapore’s skyline.
Construction on the avant-garde resort is earmarked for kickoff in the upcoming year, with a projected completion date circling 2031. This new segment aims to allure the premium mass market, subtly shifting focus from Resorts World’s traditional family-oriented offerings.
The current lineup of Resorts World Sentosa, including a family-friendly array of five hotels capping at 1,600 rooms and attractions like Universal Studios Singapore, the S.E.A. Aquarium, Adventure Cove Waterpark, and Dolphin Island, has long appealed to the familial segment. Yet, the company exudes confidence that this substantial investment heralds a future as the preeminent destination for tourists in Asia, promising sustained growth for the group.
This ambitious maneuver has secured the full backing of Genting Singapore’s board of directors.
Industry observers have lauded the shift towards the high-end market. Notably, analysts Tushar Mohata and Alpa Aggarwal from Nomura have endorsed the new strategy citing, “Return on invested capital from a more premium product should be higher,” drawing parallels to favorable outcomes at Marina Bay Sands subsequent to their suite launches.
Both Resorts World Sentosa and Marina Bay Sands enjoy a duopoly on Singapore’s casino gambling scene. With extensions to their gaming licenses procured in 2019 that stretch to January 2031, each property has made solid commitments to escalate their investment stakes, dedicating $3.3 billion into enhancements and growth.
Since its inception in January 2010, crafted with a hefty $5.03 billion investment, Resorts World Sentosa has stood as a towering edifice of recreational luxury; a vision propagated by Genting Group, carefully orchestrated under the stewardship of Malaysian billionaire Lim Kok Thay. As its empire blankets the globe from Malaysia to the Americas, and all the way to the sunny Caribbean, Genting’s Resorts World brand stands as a beacon of high-stakes, high-style casino destinations.
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