As hotel room prices in the Lion City have skyrocketed to record levels this year, Genting Singapore, controlled by Malaysian billionaire Lim Kok Thay, is investing an extra S$2.3 billion ($1.7 billion) to refurbish its Resorts World Sentosa (RWS) casino complex.
The Urban Redevelopment Authority announced preliminary permissions for the renovation in the third quarter, and they call for building a new 700-room hotel and a retail space with a gross floor area of 21,243 square meters. Approximately 1,600 rooms are now being managed by RWS across five hotels.
Genting Singapore said this week that construction on the project, which will include a new waterfront sculpture created by famous British architectural company Heatherwick Studio, is set to begin next year and is slated to be finished by 2031.
The Genting Singapore Casino Resort is Undergoing a Multibillion-Dollar Renovation
During the COVID-19 epidemic, Genting Singapore began updating RWS’s non-gaming attractions with an initial budget of S$4.5 billion. RWS operates the Universal Studios theme park and a casino resort. The revised renovation plans have resulted in a rise in the project budget, which will now be S$6.8 billion and paid for by the corporation.
Following the excellent profitability in the third quarter, Maybank upped its full-year 2023 net profit projection by 12 percent to S$712 million. In trading on Tuesday afternoon, shares of Genting Singapore rose 10.6 percent to S$0.94. Due to a national holiday yesterday, trading was suspended.
Lim, a billionaire in the gaming industry, owns a slew of international corporations, including Genting Singapore. According to Forbes’ current figures, Lim had a net worth of $2.1 billion and owned casino resorts in Malaysia, the United Kingdom, the United States, and the Bahamas. Aside from casino resorts, people choose to learn how to play online casino games.