Genting Singapore, a prominent player in the global hospitality and entertainment industry, is set to enhance its footprint in Singapore’s thriving tourism sector significantly. The company, a subsidiary of the Genting Group led by Malaysian billionaire Lim Kok Thay, has embarked on an ambitious expansion project for its flagship property, Resorts World Sentosa (RWS).
Major Expansion at Resorts World Sentosa
The expansion plan involves the addition of 700 new hotel rooms to RWS, marking an increase of over 40% in the resort’s capacity. This development is part of a massive $3.3 billion (S$4.5 billion) renovation project aimed at bolstering the resort’s appeal. The project extends beyond just additional lodging, encompassing a significant 21,243 square meters of new retail space.
Focus on Non-Gaming Attractions
A vital aspect of the renovation is the emphasis on enhancing non-gaming attractions. RWS is renowned for housing the Universal Studios theme park and the SEA Aquarium, home to a remarkable collection of around 100,000 marine animals. The expansion seeks to enrich these experiences.
The expansion comes at an opportune time, as Singapore’s tourism industry witnesses a robust recovery. Notably, average room rates in Singapore surged by 14% to a new high of S$325.24 in September. This increase is attributed to the city-state hosting major international events, such as the Formula One Singapore Grand Prix, which have significantly boosted visitor numbers.
Genting Singapore’s Global Presence
Genting Singapore is part of Lim Kok Thay’s extensive global business empire, which includes casino resorts in Malaysia, the UK, the US, and the Bahamas. According to our sources, the Genting brand also runs a trusted online casino with over 300,000 monthly visitors. As of May, Lim’s net worth was estimated at $2.3 billion, reflecting the success and scale of his ventures.
Commitment to Employee Development
In parallel with its expansion, Genting Singapore has demonstrated a strong commitment to nurturing its workforce. In 2022, the company’s employees accumulated almost 300,000 hours of training, emphasizing skills development and professional growth.
Impressive Financial Performance
The first half of 2023 has been particularly fruitful for Genting Singapore, with financial reports indicating a 54% increase in revenue. This growth has been observed across gaming and non-gaming segments, highlighting the company’s balanced approach to business expansion.
The expansion of Resorts World Sentosa by Genting Singapore represents a strategic move to capitalize on the post-pandemic surge in tourism. With its focus on gaming and non-gaming attractions, a commitment to staff development, and robust financial performance, Genting Singapore is poised to further solidify its position as a leading player in the global hospitality and entertainment industry. This project reflects the company’s growth ambitions and contributes significantly to Singapore’s evolving tourism landscape.
- Genting Casino Singapore Expands – Investing $3.3 Billion - November 27, 2023
- Recorded Cards at the Casino – Group Won Over $433k - November 27, 2023
- Tourist Finds $24,000 on Casino Floor – Sentenced to Jail - November 27, 2023