Genting Singapore Increases Profit By 60% and Invests $5 Billion In the Resorts World Sentosa Expansion
Genting Singapore Ltd, a prominent casino operator, has reported a significant recovery in the region as the company achieved nearly SGD690.0 million (US$507.1 million) in gross gaming revenues in the third quarter of 2023. This impressive increase in revenue has led the company to expedite the expansion of the Resorts Worlds Sentosa, with plans for the project to be softly commissioned by 2025.
In the third quarter of 2023, Genting Singapore saw a 15.8 percent increase in gross gaming revenues compared to the previous quarter, totaling US$253.8 million in adjusted EBITDA for the period. This represents a 32.5 percent increase over the preceding quarter and a 38.5 percent rise from the third quarter of 2022. After accounting for interest, tax, depreciation, and amortization costs, the company reported a net profit of almost US$158.9 million, marking a substantial 60% increase from the third quarter of 2022.
The company attributes this overall improvement to the sustained recovery of travel and tourism in the region, particularly in relation to the operations of the Resort Worlds Sentosa (RWS). As a result, Genting has announced an upgrade and expansion project for the Resorts World Sentosa property. The company’s Board has granted approval for a significant US$5 billion funding for the expansion, representing a substantial increase from the initially planned amount of US$2.9 billion in 2019.
According to a statement released by Genting on November 10, 2023, the expansion project aims to firmly establish RWS as the premier tourism destination in Asia and drive the group’s future growth. The company intends to secure the necessary funds for the project from internal resources. In addition, a major expansion project aimed at connecting the Sentosa Island waterfront with the RWS property has received provisional government approval.
The expansion project will include the addition of 700 new hotel rooms and a unique lifestyle content, featuring a captivating blend of biophilic architecture designed by renowned firm Benoy. Alongside this, a striking new waterfront sculpture designed by Heatherwick Studio is set to transform Singapore’s skyline and serve as a monumental gateway to RWS and the new Greater Southern Waterfront precinct.
Progress on the upgrade works at the Resorts World Sentosa facilities is already underway, with modifications to the prestigious Forum, Minion Land in Universal Studios Singapore, and the Singapore Oceanarium reportedly “progressing well” toward the early 2025 soft opening. This latest upgrade and expansion project will join ongoing efforts at Genting’s Hard Rock Hotel Singapore, Hotel Michael, and Festive Hotel properties in Singapore as the company aims to fully capitalize on the sustained recovery and continued growth in the region.