The casino licence of Resorts World Sentosa has been extended by the gaming regulators of Singapore, albeit only for two years rather than the usual three. "Unsatisfactory" results after the pandemic are to blame.
World Resorts Sentosa
On November 18th, the licence extension for Resorts World Sentosa was announced by the Gambling Regulatory Authority (GRA). An impartial panel designated by the commerce and industry minister was the basis for the poor rating.
"Develop, maintain and promote its integrated resort as a compelling tourist destination that meets prevailing market demand and industry standards" was the phrase that the panellists used to describe RWS's capacity to attract tourists.
In 2021 and 2023, when the market was still recovering from COVID-19, they concluded that RWS had "unsatisfactory" performance. According to the GRA, RWS should continue to focus on "rectification and substantial improvement."
According to a spokesman who spoke with the Straits Times, this marks the first instance where the GRA has granted a permit with a duration less than three years.
Having to deal with "major obstacles"
The operator of RWS, Genting Singapore, responded to the news by stating the obvious: that Singapore's tourism industry encountered "very significant challenges" during those years.
January 2020 saw the first instance of COVID-19 discovered in Singapore. It handled the situation by implementing circuit breakers, which are temporary shutdowns, travel limitations, and rigorous contact tracing. As an example of effective disaster management, the city kept most of its businesses and services open.
The tourist industry, however, saw a two-year plateau beginning in the second quarter of 2020. Revenue from tourists started to rise again in 2022, according to Statista, rising from £1789.3 million, €947.5 million, or $1 billion in Q1 to S$4.57 billion in Q2. According to the Singapore Tourism Bureau, total revenue from tourism increased to almost S$14 billion for the year.
Until February 2023, when it opened to all travellers without quarantine, the city-state did not lower all of its COVID restrictions. With 13.6 million total visitors in 2023, tourist receipts were in the amount of S$25 billion.
Net earnings for the third quarter of 2023 was S$216.3 million, whereas Resorts World Sentosa reported S$79.4 million on November 7th. Quarterly revenue was S$562 million, a 19% decrease compared to the same period previous year.
The fall in VIP patronage was the reason given by Genting Singapore for the drop, but according to Maybank analyst Yin Shao Yang, the resort's existing and future capital investments will be beneficial in the long run.
Sentosa Resorts World 2.0
According to Genting corporate secretary Liew Lan Hing, "RWS continues to accelerate its transformation to refresh and rejuvenate existing offerings to deepen its destination appeal and visitor experiences" in a statement released after the GRA announcement.
Resorts World Sentosa and Marina Bay Sands (MBS), its only market rival, extended their duopoly through 2030 in return for an investment of S$9 billion in additional tourism and MICE facilities in 2019.
A "waterfront lifestyle complex" with two five-star hotels and a Minion Land amusement park, valued at S$6.8 billion, was started this month by RWS at Universal Studios Singapore. The total gross floor area added by the expansion, which is more than 164,000 square meters, will increase the property's size by 50%.
Hing declared, "RWS is dedicated to maintaining its status as the premier lifestyle tourism destination" as the company began to plot its RWS2.0 development.
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