Genting Singapore, a subsidiary of the Genting Group chaired by billionaire Lim Kok Thay, has secured provisional approval from the Urban Redevelopment Authority to embark on an exciting expansion project at Resorts World Sentosa (RWS). This project encompasses the construction of 700 new hotel rooms and a substantial increase in retail space, marking a pivotal phase in RWS’s ongoing SG$4.5 billion ($3.3 billion) renovation initiative. The refurbishment aims to elevate the non-gaming offerings at this iconic casino resort, known for its attractions such as Universal Studios and the SEA Aquarium.
Expansion Plans:
The approved expansion project at RWS will introduce 700 new hotel rooms, catering to the growing demand for accommodation in the region. Additionally, the expansion includes a significant retail space covering 21,243 square meters, representing a remarkable 40% increase. This development aligns with the broader vision to enhance the overall guest experience at RWS.
Room Rate Surge:
This expansion comes at a time when room rates in Singapore have witnessed a substantial surge, with an impressive 14% increase that has led to a new high of SG$325.24 in September. This surge is attributed to Singapore’s role as a host to major international events, including the Formula One Singapore Grand Prix, attracting visitors from around the world.
Global Casino Empire:
Genting Singapore is part of the extensive global business empire led by Lim Kok Thay. The group’s reach spans across casino resorts in various locations, including Malaysia, the UK, the US, and the Bahamas. This expansion at RWS further solidifies the group’s commitment to delivering exceptional hospitality and entertainment experiences to its patrons.
Investing in Employee Development:
RWS has also placed a strong emphasis on nurturing its team members and fostering skills development. In 2022, employees at RWS accumulated nearly 300,000 hours of training, demonstrating the company’s dedication to investing in its workforce.
Impressive Financial Performance:
The financial reports for the first half of 2023 have showcased remarkable results for Genting Singapore, with a notable 54% increase in revenue. This growth extends to both the gaming and non-gaming segments, underlining the success of RWS’s diversification efforts.
The provisional approval for the expansion of Resorts World Sentosa represents a significant stride in enhancing Singapore’s tourism and entertainment landscape. The development of new hotel rooms and increased retail space not only addresses the rising demand but also aligns with Singapore’s ambitions to host world-class events. It reaffirms the commitment of Genting Singapore and the Genting Group to create unforgettable experiences for visitors and positions RWS as a prominent player in the industry’s evolution.