Genting Singapore's license to operate a casino here has been renewed for two years with effect from next February, instead of the usual three-year term.
Genting Singapore operates Resorts World Sentosa, one of the two integrated resorts here.
According to the Gambling Regulatory Authority (GRA), Resorts World Sentosa's tourism performance for the evaluation period from January 1 2021 to Dec 31 2023 was deemed "unsatisfactory" by an independent evaluation panel, with a number of areas requiring "rectification and substantial improvement".
GRA says it will work with various other government bodies to "ensure that RWS meets the requirement to develop, maintain and promote its IR as a compelling tourist destination."
"The evaluation panel of GRA has recommended that the next evaluation be carried out in two years, in 2026," adds GRA.
Just last week, Genting Singapore G13 held the ground-breaking of its planned $6.8 billion expansion and upgrade programme. Marina Bay Sands, which operates the other integrated resort here, has announced its own US$8 billion ($10.74 billion) programme.
See also: RWS breaks ground on new waterfront lifestyle development
Genting Singapore points out that the tourism industry in Singapore in general, including RWS, faced very significant challenges during the evaluation period of 2021 and 2023, which coincided with the pandemic.
"RWS continues to accelerate its transformation to refresh and rejuvenate existing offerings to deepen its destination appeal and visitor experiences. With its RWS2.0 expansion plans underway, RWS is dedicated to maintaining its status as the premier lifestyle tourism destination," says Genting Singapore.
On Nov 7, Genting Singapore reported 3QFY2024 earnings of $79.4 mil, 63% lower y-o-y.
Genting Singapore shares closed Nov 18 at 78 cents, unchanged for the day but down nearly a quarter year to date.
