The Waterfront Development in Resorts World Sentosa (RWS) has received the government’s provisional permission, and construction is set to commence in late 2024, notes in the annual report of Genting Singapore.
Genting Singapore’s RWS is embarking on a transformation process into a premium sustainable tourism destination with brand-new visitor experiences. The revamping plan is known as RWS 2.0, aiming to deliver new and significantly elevated top-tier attractions, hotel rooms, and suites, as well as entertainment and lifestyle offerings progressively in phases starting from early 2025.
On completion, the Waterfront development will add approximately 700 hotel keys. Featuring captivating biophilic architecture designed by the award-winning firm Benoy and a striking new waterfront sculpture by the internationally renowned Heatherwick Studio, it will form a monumental gateway to RWS and the new Greater Southern Waterfront precinct.
The RWS 2.0 initiative is about to cost SG$6.80 billion ($5 billion) to upgrade and expand Resorts World Sentosa in the next eight years.
The firm’s Executive Chairman, Lim Kok Thay, says that “we believe reinvestment in our Singapore property is an incredible opportunity to upscale our integrated resort experiences and continue to drive our growth.”
Lim stated that the ongoing developments at Resorts World Sentosa, such as the Minion Land at the complex’s Universal Studios Singapore theme park and the Singapore Oceanarium, “are progressing well.” He added that the construction of the Singapore Oceanarium is anticipated to be completed by early 2025.
Genting Singapore outperformed in 2023, with a net profit up 80 percent year-over-year to SG$611.6 million ($456 million).
The company experienced a 40 percent year-over-year growth in revenue, reaching SG$2.4 billion ($1.8 billion), while experiencing an uptick in business volumes throughout the year. The group also witnessed a 36.6 percent year-on-year increase in the cost of sales, amounting to SG$1.5 billion ($1.1 billion).
