GGRAsia – RWS to invest $298 million in upgrade starting in 2Q22

RWS will invest $298 million in the upgrade starting in 2Q22

The Resorts World Sentosa (RWS) casino complex, operated by Genting Singapore Ltd, will invest SGD400 million (US$297.8 million) in upgrading some of its attractions and refurbishing three existing hotels. “Construction will begin in the second quarter of 2022,” Genting Singapore said in a press release on Thursday.

These improvements are part of a Expenditure commitment of SGD 4.5 billion by Genting Singapore, made to the Singapore government and announced in April 2019. It marks the start of Resorts World Sentosa’s so-called ‘2.0’ expansion, under an agreement that sees Genting Singapore retain its half until 2030 Singapore casino. duopoly.

The resort’s Universal Studios theme park will include a new area, called “Minion Land.”

The SEA Aquarium will also be “significantly upgraded and rebranded as the Singapore Oceanarium”, the statement said. The Singapore Oceanarium, described as three times the size of the current SEA Aquarium, is expected to be completed end of 2024Resorts World Sentosa management told GGRAsia last month.

Resorts World Sentosa has announced that it will also renovate three of its hotels: the Hard Rock Hotel Singapore; Hotel Michel; and Festive Hotel, which collectively offer more than 1,200 rooms.

“These hotels will undergo renovation works in phases from the second quarter of 2022 to 2023,” said the promoter. A “renovation and upgrade” is also planned for the Resorts World Convention Centre, he added.

Brokerage Sanford C. Bernstein Ltd said in a memo Thursday that Resorts World Sentosa management was “reworking some of the [expansion] plan to focus on combining the business and leisure offer to attract more premium customers.

Resorts World Sentosa also said it would reinforce its “commitment to sustainability”, pledging to achieve carbon neutrality by 2030.

Thursday’s statement quotes Tan Hee Teck, Managing Director of Resorts World Sentosa, as saying, “With our upcoming developments of Resorts World Sentosa 2.0, we are confident that Resorts World Sentosa will be well positioned to lead the recovery of tourism in Singapore as the borders will gradually reopen. .”

He added: “We are fortunate that Singapore has a comprehensive plan to safely restart international travel and inspire travel to Singapore.”

The city-state extends the list of places that can participate in its vaccinated pathways program, with officials saying it is part of a strategy to live with Covid-19 and the Omicron variant of the disease. From March 4, Singapore will open vaccinated travel corridors with Israel and the Philippines, according to announcements from the country’s Ministry of Transport and Civil Aviation Authority on Wednesday.

On Thursday, Genting Singapore reported net profit of SGD 183.3 million in 2021, compared to SGD 69.2 million the previous year.

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