Casino operator Genting Singapore Ltd reports about the sustained recovery in the region as the company generated almost SGD690.0 million (US$507.1 million) in gross gaming revenues in the third quarter of 2023. The recovery seems to be driving the company to accelerate the expansion of the Resorts Worlds Sentosa as it is looking to have the project softly commissioned already in 2025.
Increased Q3 2023 Revenues:
According to GGRAsia, the Q3 2023 gross gaming revenues generated by Genting Singapore represent a 15.8 percent increase over the prior quarter. For the same period, the company reported third-quarter adjusted EBITDA of of US$253.8 million, which is 32.5 percent more than in the preceding quarter and 38.5 percent higher level than the Q3 2022. Following the deduction of the interest, tax, depreciation, and amortization costs, Genting reported a net profit of almost US$158.9 million for the three months to September 30, 2023, almost 60% more than in Q3 2022.
The same source reports that the company considers the overall improvement of the Resort Worlds Sentosa (RWS) operations an indication of a sustained recovery of travel and tourism in the region. The company’s Board seems to recognize the trend as Genting announces the launch of an upgrade and expansion project for the Resorts World Sentosa property. As Inside Asian Gaming reports, the Board has already approved a US$5 billion funding for the project. As reported, the US$5 billion investment represents a significant increase over the US$2.9 billion amount first planned in 2019.
US$5 Billion Expansion Project:
Genting reportedly stated on November 10, 2023 that the forthcoming expansion project will “firmly anchor RWS as the most sought-after tourism destination in Asia, and propel the Group’s strong future growth.” Inside Asian Gaming reports that the company will secure the funds from internal resources. The announcement reportedly comes now that another major expansion project set to connect the Sentosa Island waterfront with the RWS property has received provisional government approval.
The facility will see the addition of 700 new hotel rooms together with a unique lifestyle content in what the company reportedly calls ”a captivating blend of biophilic architecture that is designed by award winning firm Benoy.” Genting added: “Coupled with a striking new waterfront sculpture designed by Heatherwick Studio, it will transform Singapore’s skyline and form a monumental gateway to RWS and the new Greater Southern Waterfront precinct.”
Soft Opening Expected in 2025
As reported by Inside Asian Gaming, the upgrade works on the Resorts World Sentosa facilities are in progress. The modifications of the prestigious Forum, Minion Land in Universal Studios Singapore, and the Singapore Oceanarium are reportedly “progressing well” towards the early 2025 soft opening. The company will add the latest upgrade and expansion project to those already running in its Hard Rock Hotel Singapore, Hotel Michael, and Festive Hotel properties in Singapore looking to turn the sustained into a full recovery as it records the 60% increased net profit in the third quarter of 2023.