Genting Singapore has raised the stakes when it comes to its investment in the city-state. The subsidiary of Malaysian casino conglomerate Genting Berhad has announced it will invest a total of SG$6.8 billion (US$5 billion) to expand Resorts World Sentosa (RWS). That’s a major bump from the SG$4.5 billion (US$2.9 billion) investment it first planned in 2019.
The resort will add 700 new hotel rooms along with “experiential lifestyle content in a captivating blend of biophilic architecture that is designed by award-winning firm Benoy,” Genting said in a November 10 statement released with its third-quarter financial results.
The investment will “firmly anchor RWS as the most sought-after tourism destination in Asia and propel the group’s strong future growth.” The full investment amount will be funded through internal resources, the company said.
A waterfront development plan has been approved in principle by the local government, Inside Asian Gaming reports. “Coupled with a striking new waterfront sculpture designed by Heatherwick Studio, it will transform Singapore’s skyline and form a monumental gateway to RWS and the new Greater Southern Waterfront precinct,” said Genting.
The company is also renovating existing facilities at RWS, including the Forum, Minion Land in Universal Studios Singapore, and the Singapore Oceanarium. They are expected to debut sometime in 2025. Genting is also upgrading 1,200 hotel rooms at three hotels: the Hard Rock Hotel Singapore, Hotel Michael and the Festive Hotel.
In related news, GGRAsia reports that for the fiscal year ending March 31, Singapore has raised more money from casino entry fees than in pre-Covid years.
Total fees came to SGD147.31 million (US$108.85 million), compared to the nearly SGD125.47 million collected in fiscal year 2021-22.
