Genting Singapore to Inject $5B into Resorts World Sentosa
LISTEN TO THIS ARTICLE:In a move that it hopes will further reshape the landscape of entertainment and hospitality in Singapore, Genting Singapore has announced its intention to amplify its investment in Resorts World Sentosa (RWS). Originally slated for a $2.9-billion expansion when unveiled in 2019, the gaming operator now plans to inject $5 billion into the development, marking a substantial increase in its commitment to the iconic integrated resort (IR).
A Major Expansion
The announcement came as part of Genting Singapore's third-quarter financial results release on Friday. The company revealed that the augmented investment aims to "firmly anchor RWS as the most sought-after tourism destination in Asia, and propel the Group's strong future growth." The board of directors at Genting Singapore has greenlit the enhanced investment, and the funds required for the expansion will be sourced from the company's coffers.
Related: Genting Singapore Sees Strong Revenue Growth in 2023The ambitious expansion project encompasses various facets geared towards elevating Resorts World Sentosa's allure. Among the highlights are the addition of 700 new hotel rooms and the introduction fresh and diverse entertainment options and additional amenities to enhance the overall guest experience.
Genting Singapore has already commenced the upgrade process at the integrated resort, signaling its commitment to providing a world-class entertainment destination. Ongoing upgrades include the transformation of specific amenities, such as Minion Land in Universal Studios Singapore, and enhancements to the Singapore Oceanarium. These improvements are slated for completion in early 2025, promising visitors an enhanced and enriched experience.
Furthermore, three of the premier hotels at Resorts World Sentosa—Hard Rock Hotel Singapore, Hotel Michael, and Festive Hotel—are in line for substantial upgrades. These enhancements, already underway, signify a holistic approach to ensuring that every aspect of the resort aligns with the company's vision for a top-tier tourism destination.
The decision to amplify the investment underscores Genting Singapore's dedication to maintaining its position as a key player in the global entertainment and gaming industry. By fortifying Resorts World Sentosa as a premier tourism destination in Asia, the company aims to not only meet but exceed the evolving expectations of discerning travelers and patrons.
Significant Increase in Revenue
Propelling the renovations is improved performance of Genting Singapore. In its Q3 release on Friday, the company said that the revenue for the quarter was $507.1 million. This is a quarter-over-quarter increase of 15.8% and a year-on-year increase of 32.7%.
The post-tax net profit for the quarter was $159.06 million, a 46.7% quarter-over-quarter jump. It was also 59.3% better than a year earlier.
Gaming revenue for the period was almost $337.99 million, 12.9% more than in the second quarter and 20.3% more than in the third quarter of 2022. Gross gaming revenue was up 31% from the second quarter, to $525.95 million, putting the company above its pre-COVID-19 2019 level. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) was $254 million, a quarter-on-quarter increase of 32.5%.
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