Resorts World Sentosa has reported it will start a phased refurbishment plan that will last until 2023.
Singapore.- Resorts World Sentosa (RWS) has confirmed it will carry out a phased refurbishment from this quarter to 2023. The plan will cover 1,200 units across its three hotels: Hard Rock Hotel Singapore, Hotel Michael and the Festive Hotel.
When completed, the Festive Hotel will be transformed into business leisure and working holiday hotel with a variety of mobile workspaces and lifestyle offerings to reflect new work trends, Genting Singapore said.
Meanwhile, the Resorts World Convention Centre will undergo refurbishment to “strengthen Resorts World Sentosa’s position as a leading business destination that continues to meet the requirements of future MICE events.”
Another key part of the plan is the expansion of Universal Studios Singapore to add two new themed zones, Minion Land and Super Nintendo World. The company said this would grow attendance and yield for a positive impact to overall earnings per share. Construction on Minion Land and Oceanarium will start in the second quarter of this year.
In February, the company revealed it would spend an aggregate of SGD400m (US$294m) this year for phase two of the complex. 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.
A week ago, Genting Singapore’s market competitor Las Vegas Sands, announced that the Singapore Tourism Board has allowed it to extend the deadline for its SGD4.5bn (US$3.31bn) expansion project at Marina Bay Sands casino resort to April 8, 2023.
Genting Singapore to see revenue and profit growth in 2022, analysts say
Vitaly Umansky, an analyst at Bernstein, has predicted that Genting Singapore will report revenue and profit growth for the remainder of 2022 and into 2023 after Singapore reopened its borders to tourism for fully vaccinated visitors today (April 1).
Growth will, however, be limited due as travel restrictions are expected to continue in China, which makes up about 30 per cent of the company’s business. Genting Singapore reported earnings of S$95.1m (US$70.7m) for the second half of 2021. Revenue for the period was 17 per cent lower, at S$512.5m (US$381.2m).
For the full year, 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).