ANN/THE STRAITS TIMES – As Singapore confronts rising airport fees and increasing regional competition for tourist dollars, its two integrated resorts (IRs), Resorts World Sentosa (RWS) and Marina Bay Sands (MBS), are accelerating ambitious expansion and renovation plans to draw more visitors.
Against a backdrop of global economic uncertainty, the resorts aim to reinforce Singapore’s appeal as a premier destination for travellers.
In a third-quarter update, Genting Singapore unveiled a SGD6.8-billion expansion for RWS focused on non-gaming attractions, which will break ground this month. This expansion includes a waterfront development with two luxury hotels, adding 700 rooms to RWS’s capacity.
Meanwhile, MBS also provided an update on its ongoing USD1.75 billion (SGD2.3 billion) refurbishment, which began in 2022 and spans its iconic three hotel towers. The project will expand MBS’s capacity with 1,850 new hotel rooms, including 775 luxury suites, adding significantly to the pre-renovation total of 2,560 rooms and suites.
The investment in Singapore’s IRs underscores a strategic push to capture the anticipated growth in regional tourism while addressing new competitive challenges.
MBS said that approximately 1,540 new rooms, including 635 suites, have been completed across all three towers.
MBS is also undertaking a major USD8-billion expansion with the development of a fourth tower to start in July 2025.
Genting Singapore reported a 19-per cent year-on-year drop in third-quarter revenue to SGD561.9 million on Thursday, sending its Singapore-listed shares tumbling six per cent to 79 cents at the close of trading on Friday.
At SGD330 million, gaming revenue was down 28 per cent from a year earlier. Against the second quarter of 2024, it fell 14 per cent.
Non-gaming revenue rose two per cent to SGD231.8 million. This was despite the full closure of Hard Rock Hotel at RWS for renovation and rebranding, and the SEA Aquarium’s weekly two-day closure for its expansion into the Singapore Oceanarium.
With all this, Genting Singapore’s adjusted operating profit fell 53 per cent to SGD163.9 million. Its stock was down 4.8 per cent at 80 cents at the midday trading break. Genting Singapore has lost about 20 per cent in 2024, making it among the worst performers on the Straits Times Index, which is up 15 per cent.
