Genting Singapore, a subsidiary of the Genting Group chaired by billionaire Lim Kok Thay, has received provisional approval from the Urban Redevelopment Authority to construct 700 new hotel rooms at Resorts World Sentosa (RWS).
The expansion also includes a retail space covering 21,243 square meters; which works out as a 40% increase.
RWS, which is wholly owned by Genting Singapore, is currently undergoing a SG$4.5 bn ($3.3bn) renovation project. The refurbishment focuses on enhancing the non-gaming attractions at the casino resort, which houses the Universal Studios theme park and the SEA Aquarium – featuring a collection of around 100,000 marine animals.
The approval for RWS's expansion arrives at a time when average room rates in Singapore surged by 14%, reaching a new high of SG$325.24 in September. The rise in room rates can be attributed to Singapore hosting major international events like the Formula One Singapore Grand Prix.
Genting Singapore is part of a global business empire which includes casino resorts across Malaysia, UK, US and the Bahamas.
In May, Lim Kok Thay was estimated to have a net worth of $2.3bn.
RWS invested significant efforts in nurturing its team members and promoting skills development, with its employees accumulating almost 300,000 hours of training in 2022.
Moreover, the financial reports for the first half of 2023 showed impressive results for Genting Singapore, with a 54% increase in revenue and significant growth in both gaming and non-gaming segments.
