Genting Singapore has announced it will invest S$400m (US$297.8m) in Resorts World Sentosa (RWS).
Singapore.- Genting Singapore will invest S$400m (US$297.8m) in Resorts World Sentosa (RWS) to upgrade attractions and refurbish three existing hotels. The improvements are part of a S$4.5bn spending commitment to the Singapore government announced by Genting Singapore in April 2019 under which it will retain half of the Singapore casino duopoly until 2030.
The casino operator said it will add a new zone to its Universal Studios theme park. It will also renovate three of its hotels: Hard Rock Hotel Singapore; Michael’s Hotel; and Festival Hotel, which together offer more than 1,200 rooms.
Tan Hee Teck, chief executive of Resorts World Sentosa, stated: “With our upcoming Resorts World Sentosa 2.0 developments, we are confident that Resorts World Sentosa will be well-positioned to lead the recovery of Singapore’s tourism as borders gradually reopen.”
Genting Singapore reported earnings of S$95.1m (US$70.7m) for the second half of 2021. That’s a drop of 49 per cent compared to the same period of the previous year when net profits were S$185.9m (US$138.2m). Revenue for the period was also 17 per cent lower, at S$512.5m (US$381.2m).
Second-half adjusted EBITDA fell 52.3 per cent year-on-year to just under S$171.9m (US$127.8m). Non-gaming revenue rose 2 per cent at S$147.2m (US$109.5m). For the full year, however, the group’s revenue improved marginally to S$1.067bn from S$1.064bn in 2002. Net profit was up 165 per cent at S$183.3m (US$136.3m).