Singapore approves expansion of Resorts World Sentosa
Authorities have approved a new hotel and retail space.
Singapore.- An indirect subsidiary of Genting Singapore has received provisional permission from the Urban Redevelopment Authority (URA) to embark on a project at Resorts World Sentosa (RWS). The approved project includes the development of 21,243 square meters dedicated to retail space and the creation of 700 hotel rooms.
The venture aligns with Genting Singapore’s 2019 commitment to invest SG$4.5bn (US$3.3bn) in expanding the integrated resort with new non-gaming attractions. RWS currently has five hotels with a combined capacity of approximately 1,600 rooms.
In October, Moody’s Investors Service said it expected Genting Singapore to generate SG$1.4bn (US$1.0bn) in operating cash flow up to December 2024. Moody’s said this coupled with the company’s cash balance, will cover projected capital spending of approximately SG$1bn, an estimated dividend payout of around SG$0.6bn and minimal debt repayment.
In the first half of the year, Genting Singapore posted a net profit of SG$276.7m (US$205.6m). Gaming revenue rose 57 per year-on-year to SG$746.9m (US$555m) and non-gaming revenue 82 per cent to SG$333.2m (US$248m). Genting Singapore’s consolidated revenue was up 63 per cent to SG$1.08bn (US$803m).
