Resorts World Sentosa’s Parent Company to Double Down on Expansion
Genting Singapore Limited, the parent company of Resorts World Sentosa, is set to nearly double its planned renovation and expansion of the integrated casino resort. This news comes on the heels of a successful third quarter, where net profits increased by 59% to S$216.3 million (US$160.1 million), driven by strong gaming revenue and record room rates.
Initially announced in 2019, the renovation and expansion project was set to cost about $2.9 billion, with ongoing work on renovating the Forum, the property’s shopping and dining complex, and the Minion Land theme park inside Universal Studios. However, due to the booming business at Resorts World, the budget for the renovation and expansion has now been increased to over $5 billion.
Genting Singapore’s expanded plans include the construction of a new 700-room hotel and a waterfront development on Sentosa Island. The new hotel is designed to serve as a gateway to Resorts World Sentosa and the new Greater Southern Waterfront precinct, integrating nature through biophilic architecture. The hotel will feature a striking new waterfront sculpture that promises to transform Singapore’s skyline. The resort, set to begin construction next year, will target the premium mass market rather than families, a departure from Resorts World’s traditional focus.
Analysts at Nomura see this shift towards a premium focus as a strategic move, pointing to the success of Marina Bay Sands after the launch of its hotel suites. Resorts World Sentosa and Marina Bay Sands currently hold a duopoly on casino gambling in Singapore and have both committed to further invest $3.3 billion into their properties as part of an extension of their gaming privileges through January 2031.
The Resorts World Sentosa casino, opened in January 2010 at a cost of $5.03 billion, is part of the Genting Group, which has Resort World-branded casinos in various countries. The group is controlled by Malaysian billionaire Lim Kok Thay, whose estimated net worth is $2.2 billion according to Forbes.
Genting Singapore has stated that the increased expansion budget has already been approved by the company’s board of directors. The resort’s expansion is anticipated to be completed by 2031 and is expected to firmly establish Resorts World Sentosa as the most sought-after tourism destination in Asia.
