Genting Singapore’s S$4.5 billion ($2.8bn) expansion of Resorts World Sentosa (RWS) is likely to go over budget.
The first phase of the project, dubbed RWS 2.0, started in Q2 2022. It includes the expansion of Universal Studios Singapore and the S.E.A. Aquarium, which will become the Singapore Oceanarium.
Per a report in GGRAsia, the project’s cost was discussed in a Genting Singapore conference call with investment analysts after the release of the company’s fourth quarter results.
“For RWS 2.0, management indicated upside risk to the earlier budgeted amount of S$4.5bn due to cost escalations,” said analysts Tushar Mohata and Alpa Aggarwal from banking group Nomura.
Referencing the conference call, Maybank Investment Bank said the budget increase for RWS 2.0 was “due to higher material costs”.
In May last year, Universal Studios Singapore broke ground on the new Minion Land, due to open in 2024. The land will feature attractions including Despicable Me Minion Mayhem, an immersive motion-simulator 3D ride.
During the groundbreaking event, RWS’ CEO Tan Hee Teck said Minion Land will be “the first attraction in Singapore, and possibly in this region, to be powered by renewable energy” (via the Straits Times).
RWS 2.0 project started in Q2 2022
RWS 2.0 also includes the addition of Super Nintendo World at Universal Studios Singapore. The immersive land has recently launched at Universal Studios Hollywood.
The Singapore Oceanarium will be three times the size of the current S.E.A. Aquarium, with state-of-the-art technology, immersive exhibits and multi-sensory zones.
In addition, Resorts World Sentosa is renovating three of its hotels – the Hard Rock Hotel Singapore, Hotel Michael and Festive Hotel.
Images: Genting Singapore
