Lim Kok Thay applauds during the soft opening of the Resorts World Sentosa complex in Singapore.
Genting Singapore—controlled by Malaysian billionaire Lim Kok Thay—is expanding the hotel capacity at its casino resort by more than 40% to tap into the post-pandemic tourism that has driven hotel room rates in the Lion City to record levels this year.
Resorts World Sentosa (RWS), a wholly owned subsidiary of Genting Singapore, has received a provisional permit from the Urban Redevelopment Authority to build a 700 new hotel rooms as well as a retail space with a gross floor area of 21,243 square meters, according to a list of projects approved by the URA in the third quarter.
There are five hotels with over 1,600 rooms at RWS, which is currently undergoing a S$4.5 billion ($3.3 billion) makeover to refresh non-gaming attractions at the casino resort, which also operates the Universal Studios theme park and the SEA Aquarium, which features some 100,000 marine animals.
The approval of RWS’ latest projects comes as average room rates in Singapore rose 14% to a fresh record of S$325.24 in September from a year ago after the city-state hosted a string of marquee international events such as the Formula One Singapore Grand Prix.
Genting Singapore is one of several companies in gaming tycoon Lim’s vast global business empire. Lim, who also owns casino resorts across Malaysia, the U.K., the U.S. and the Bahamas, had a net worth of $2.3 billion when the list of Malaysia’s 50 Richest was last published in May.