RWS is deemed by the authorities to be suitable to manage and operate the casino

 

THE authorities have renewed the casino licence of Resorts World Sentosa (RWS), an integrated resort operated by Genting Singapore : G13 -0.65%, for another two years, beginning Feb 6 next year.

 

In a bourse filing on Monday (Nov 18), the casino operator said that the renewal was granted after RWS was deemed to be suitable to manage and operate the casino.

 

The authorities had also taken into consideration RWS&rsquo ability to develop, maintain and promote the integrated resort as a &ldquo compelling tourist destination&rdquo based on its performance from 2021 to 2023, just after the Covid-19 pandemic.

 

Genting Singapore said that the Republic&rsquo s tourism industry, including RWS, had faced &ldquo very significant challenges&rdquo during this period.

 

It added that RWS will continue to refresh and rejuvenate its offerings to deepen its appeal as a destination.

 

&ldquo Unsatisfactory&rdquo performance

RWS&rsquo licence renewal is notably shorter than the standard three-year term granted for casinos by Singapore&rsquo s Gambling Regulatory Authority (GRA).

 

This comes as GRA separately announced that an evaluation panel appointed by the minister for trade and industry deemed RWS&rsquo tourism performance from 2021 to 2023 as &ldquo unsatisfactory&rdquo .

 

Having identified &ldquo a number of areas that require rectification and substantial improvement&rdquo , the panel recommended that RWS&rsquo next evaluation be carried out in two years, in 2026.

 

The views of the Ministry of Trade and Industry (MTI), Singapore Tourism Board (STB) and Sentosa Development Corporation (SDC) were considered by GRA as well.

 

&ldquo GRA will continue to work with MTI, STB and SDC to ensure that RWS meets the requirement to develop, maintain and promote its integrated resort as a compelling tourist destination,&rdquo said the authority.

 

In its most recent third-quarter business update, Genting Singapore posted a net profit of S$79.4 million for the quarter, down 63 per cent from S$216.3 million in the year-ago period.

 

Revenue for the period fell 19 per cent to S$561.9 million. Gaming revenue dropped 28 per cent on year to S$330 million, while non-gaming revenue ticked up 1 per cent to S$231.8 million.

 

Last Friday, RWS announced plans to complete a major expansion by 2030, in its bid to attract more visitors to the integrated resort. The expansion &ndash at a cost of S$6.8 billion &ndash includes construction of a waterfront promenade, a four-storey retail, entertainment and dining podium, and two new luxury hotels.

 

The major expansion comes as Genting Singapore works to boost the appeal of RWS, amid the slower recovery of international visitor arrivals to Singapore, increased competition and falling revenue from its gaming business.

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