Key points:
- Genting Singapore is continuing its S$6.8bn RWS 2.0 redevelopment
- First phase expected to roll out in 2025, with full works running through to 2030
- Casino licence renewed for just two years after below-par tourism performance
Genting Singapore says it is moving ahead with its big upgrade of Resorts World Sentosa, as part of its wider plans to stay competitive in the region’s fast-changing tourism scene.
The S$6.8bn (US$5.09bn) project, known as RWS 2.0, is already in motion. In the group’s annual report, Chairman Lim Kok Thay said 2024 marked “a year of transformative progress,” adding that things are on track for the first phase to be ready in 2025.
Some of the new features are already being rolled out. Universal Studios opened its new Minion Land in February, while a luxury all-suite hotel and the revamped Singapore Oceanarium are set to follow later this year. The larger waterfront development, which includes new hotels, retail and dining areas, is planned for completion by 2030.
But it hasn’t all been plain sailing. The Gambling Regulatory Authority renewed the resort’s casino licence for only two years in November 2024, citing poor tourism performance between 2021 and 2023. Typically, renewals are granted for longer periods.
On the financial side, the group reported a net profit of S$578.9m in 2024, with revenue just shy of S$2.53bn, up slightly compared to the year before.
While challenges remain, Genting Singapore appears focused on its long game. “We’re staying agile and doing what’s needed to strengthen our offerings,” said Lim. “It’s a work in progress, but we’re heading the right way.”
