Genting Singapore Ontrack with Resorts World Upgrades
Genting Singapore Ltd.’s chairman has confirmed the company is making steady progress on expanding its Resorts World Sentosa integrated resort in Singapore.
LISTEN TO THIS ARTICLE:The development, known as RWS 2.0, involves a SGD6.8 billion (US$5.05 billion) investment that will modernize and enlarge the resort, one of only two land-based casinos in the country.
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.
First Phase of Launch Scheduled This Year
In the company’s 2024 annual report, Lim said that the company is “actively working on executing the second phase” of its RWS 2.0 initiative. Genting Singapore is a subsidiary of Malaysia-based Genting Bhd.
He described 2024 as a “year of transformative progress” for the resort and noted that the company focused on maintaining smooth operations while preparing for the first phase of the RWS 2.0 launch, scheduled for 2025.
Among recent highlights, Universal Studios Singapore unveiled a new themed area, Illumination’s Minion Land, on February 14. This will be followed in Q3 2025 by the opening of an ultra-luxurious all-suite hotel, which will take the place of the Hard Rock Hotel that closed in March 2023, as well as the grand opening of the Singapore Oceanarium.
In November, Genting Singapore began construction on a new waterfront project within the resort, with completion targeted for 2030.
According to Lim, the company has worked to stay ahead of “lifestyle and tourism trends “ by enhancing its offerings with “innovative events and experiences”, which has helped the company remain resilient.
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License Only Renewed for Two Years
Despite the company’s efforts, on November 18 last year, Singapore’s Gambling Regulatory Authority renewed Resorts World Sentosa’s casino license for just two years, a shorter term than typically allowed, citing “unsatisfactory” tourism performance from 2021 to 2023.
For full-year 2024, Genting Singapore reported a net profit of nearly SGD578.9 million, with annual revenue rising 4.7% year-on-year to just under SGD2.53 billion.
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