Resorts World Sentosa, the first of Singapore’s vaunted integrated resorts lived up to great expectations with a massive turnout over the Chinese New Year weekend. Over the course of three days, the USD4.5 billion property drew some 41,000 visitors, according to Channel NewsAsia. The Straits Times daily puts the number at 86,000 as of Wednesday, February 17.
Genting Highlands Singapore, owner of Resorts World Sentosa expects numbers to drop once the holiday is over but is optimistic about their chances of maintaining their momentum. Of course, given that the theme parks are not fully open yet, the undeniable success of even this limited opening is a good sign for Singapore’s latest draw.
Given the high valuation on the company’s stock and the fact this development is the second most expensive integrated resort and casino in the world (the top spot belongs to Sheldon Alderton’s Marina Bay Sands, also in Singapore), the mammoth opening will alleviate some pressure, but not for long.
Time magazine, citing Citigroup sources, estimates that every single foreign visitor to Singapore this year will have to visit Resorts World Sentosa. Every Singaporean above 21 will have to visit the casino at least five times while Malaysians from neighboring Johor state will have to visit at least twice a year. According to the report, this will be necessary to hit Citigroup’s USD1.2 billion 2011 revenue estimate for Resorts World Sentosa.
