Genting Singapore is set to begin a long-anticipated upgrade of Resorts World Sentosa (RWS), with works commencing this year and expected to take two years to complete.
First announced in 2019 as part of its agreement to retain duopoly rights alongside Las Vegas Sands, the S$4.5 billion (US$3.34 billion) redevelopment project was delayed due to the COVID-19 pandemic. Now, with restrictions easing and tourism gradually recovering, the company is ready to move forward.
Key Renovations Underway
A significant portion of the redevelopment budget—approximately S$400 million (US$287 million)—will go toward upgrading three of RWS’s hotels: Hard Rock Hotel Singapore, Hotel Michael, and Festive Hotel. Renovations are scheduled to begin in Q2 and will span two years.
“As part of RWS 2.0 and our broader refurbishment efforts, we’re integrating sustainable design principles. We’re consulting with stakeholders and experts to incorporate cutting-edge technology and research into our plans,” the company stated in a filing with the Singapore Exchange.
Financial Performance Impacted by COVID-19
Alongside the upgrade announcement, Genting Singapore shared its financial results for the second half of the previous year. Net profit dropped 49% year-on-year to S$95.1 million (US$70.63 million), impacted by reduced visitor numbers and ongoing pandemic-related restrictions.
Revenue also dipped 17% to S$512.5 million (US$380.63 million). Gaming revenue fell 16% to S$359.7 million (US$267.15 million), while non-gaming revenue rose slightly by 2% to S$147.2 million (US$109.32 million).
The company attributed the decline to strict safety protocols such as group size limits and indoor dining bans, which reduced overall capacity.
Despite the challenges, Genting Singapore’s full-year net profit rose to S$183.3 million (US$136.13 million), up 165% from the prior year. Revenue remained relatively flat at S$1.067 billion (US$792.24 million).
Earnings per share increased to S$0.0152 (US$0.011) in 2021, while net asset value per share rose slightly to S$0.654 (US$0.49).
Optimism for the Future
Looking ahead, Genting Singapore is optimistic about the recovery of Singapore’s tourism sector. The relaxation of travel restrictions and the return of vaccinated travel lanes are expected to gradually boost visitor arrivals. The company plans to seize this momentum by unveiling new attractions and refreshing its existing offerings as part of the RWS 2.0 vision.
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