Both integrated resorts (IRs) in Singapore will begin multibillion-dollar developments this year.
Genting Singapore has earmarked US$5 billion for a waterfront expansion at Resorts World Sentosa (RWS), to begin before the end of 2024. Marina Bay Sands (MBS), under its parent Las Vegas Sands Corp., will begin a $4.5 billion expansion starting this month.
In a statement in the company’s 2023 annual report, Genting Singapore Chairman Tan Sri Lim Kok Thay said the RWS upgrade, which will be completed in phases over eight years, is an “incredible opportunity to upscale” the resort.
According to Inside Asian Gaming, the development will add around 700 hotel rooms; upgrade 1,200 rooms in three existing hotels; and create what the operator has called a “monumental gateway to RWS and the new Greater Southern Waterfront precinct.”
It will add a new immersive zone, Illumination’s Minion Land, to Universal Studios Singapore, and triple the size of the S.E.A. Aquarium, which will be rebranded as the Singapore Oceanarium.
The investment will “firmly anchor RWS as the most sought-after tourism destination in Asia and propel the group’s strong future growth,” the company stated.
MBS, its sole rival in the market, will begin its own major expansion in April, adding more meeting and convention space; a fourth hotel tower; 1,000 new luxury suites; and a 15,000-seat entertainment arena.
George Tanasijevich, president and CEO of MBS, said the expansion is overdue. “Our annual hotel occupancy levels have ranged from 94 percent to 99 percent. Our exhibition halls have been at full capacity for years, and our grand ballroom is unable to accommodate current demand.
“Given the 5,000-seat capacity of our ballroom and outdoor event plaza for concerts, we are limited in the number of events we can stage.”
Both expansion plans are part of the operators’ concession agreements with the Singapore government. Given the scale of the reinvestment, lawmakers have agreed to extend the exclusivity period of the two casinos until 2030.
