CLAIMS TO FAME
- Won Genting’s make or break bid for a Singapore gaming license
- Oversees Resorts World Sentosa, Genting Group’s most profitable property
It has been mission accomplished for Tan Hee Teck, the long-time Chief Operating Officer of Genting Singapore who was promoted to the CEO role in 2022 to pull the company out of the COVID-19 mire.
Last year was promising, revenue at Resorts World Sentosa (RWS) – one half of Singapore’s casino duopoly – climbed 40% to US$1.8 billion and net profit by 80% to US$455 million, however full recovery has only taken shape in 2024, boosted by relaxed visa rules and increased Chinese visitation as a result.
In Q1 of this year alone RWS recorded revenues of US$579 million, and while seasonality and bad luck hit the company in Q2, revenue of US$434 million was still seen as decent.
The bigger takeaway from the past 12 months, however, is that Genting Singapore is not resting on its laurels – aiming to chip away at rival Marina Bay Sands’ market share advantage by way of a massive US$5 billion expansion known as RWS 2.0. Originally slated to cost US$3.3 billion, the expansion will create what the company has described as a “monumental gateway to RWS and the new Greater Southern Waterfront precinct”, including an additional 700 hotel rooms and substantial upgrades to Universal Studios Singapore. The former S.E.A. Aquarium will triple in size and be rebranded as the Singapore Oceanarium, while the main outdoor Forum area and former hotel brands Hard Rock Hotel Singapore, Hotel Michael and Festive Hotel will also be transformed.
For the full list of 2024 Asian Gaming Power 50 winners, click here.
