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Genting Singapore is one of only two casino operators in Singapore. The company runs “Resorts World Sentosa” (RWS) - an integrated resort on Singapore’s beautiful Sentosa island.
The facilities include 15,000 square metres of casino floors and hotels, tourist attractions and a shopping mall with high-end restaurants. Resorts World Sentosa has six hotels operating with 1,600 rooms. It also has a large theatre and convention centre. Resorts World Sentosa tourist attractions include Universal Studios Singapore, the S.E.A. Aquarium and the Adventure Cove Waterpark.
The majority of Genting Singapore’s revenues come from the casino. It opened in 2010 but has failed to grow much since that time. One reason has been the negative impact of Chinese President Xi Jinping’s anti-corruption campaign from 2013 onwards. China’s stricter capital controls from 2016 onwards also hurt overseas gambling revenues.
Another reason for the slow growth in Singapore’s casino industry is that hotel and table capacity has stayed flat. That may be about to change. Both Marina Bay Sands and Resorts World Sentosa are now planning capacity expansions. Genting Singapore’s new SG$4.5 billion second-phase development will increase its hotel keys by +70% and its number of gaming machines by +32%. EBITDA is expected to grow around SG$1450 million.
Another growth driver for Resorts World Sentosa will be Singapore’s border re-opening. On 1 April 2022, Singapore’s borders opened up entirely for vaccinated travellers. Hotel prices are starting to creep up again. Almost everybody I know is planning a trip overseas. Inbound tourism is likely to return, though a full recovery will require China’s borders to open up.
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