Latest news with #LeeShiRuh
CNBC
12-08-2025
- Business
- CNBC
We will ‘be ready': After government rebuke, Resorts World Sentosa CEO discusses future of integrated resort
Resorts World Sentosa will "be ready" when Singapore's Gambling Regulatory Authority considers its casino license renewal in 2026, the company's CEO Lee Shi Ruh told CNBC late last month. In November 2024, Singapore's gambling agency announced it was renewing the integrated resort's casino license for two years, instead of three, citing "unsatisfactory" tourism performance from 2021 to 2023. The announcement came after Resorts World Sentosa had pledged to invest $6.8 billion Singapore dollars ($5.3 billion) to renew and expand the integrated resort. The truncated license renewal has not changed Resorts World Sentosa's expansion or investment plans, Lee said. The company opened two new attractions in 2025, Minion Land at the Universal Studios Singapore theme park, and the Singapore Oceanarium, which replaced the integrated resort's older S.E.A. Aquarium. "This year is really a game-changing year for us," she said. "Over the next few years... to 2030, we will be continuing to launch new attractions." In announcing the two-year license renewal, the Gambling Regulatory Authority considered Resorts World Sentosa's ability to "develop, maintain and promote" itself as a compelling tourist destination. When asked which of these areas the resort is focused on, Lee said: "The big push for us is really transforming Resorts World Sentosa into a premium lifestyle destination." Shopping, once a top priority for travelers in Asia, is not a priority in the resort's transformation, said Lee. "Our focus is really into experiences," Lee said. The decision to replace a "Madagascar" movie-themed area of Universal Studios Singapore with Minion Land was, in part, related to the universal appeal of the characters in the "Despicable Me" franchise, she added. "Minions stood out because ... this yellow character is very resonate to all ages of visitors, and all around the world because of the language that they use. It resonates from Asia to Europe to America and everywhere else. So to us, there's a common language we can use," she said. Minions speak their own language, called Minionese, which incorporates elements of English, Spanish, Italian, Chinese and Tagalog, among others, according to the "Despicable Me" fandom website. Resorts World Sentosa is also planning to open new hotels, including The Laurus, a luxury hotel designed like a "collector's home" in Singapore, that is set to open later in 2025, Lee said. In coming years, the integrated resort is planning to launch Super Nintendo World inside Universal Studios Singapore, as well as an elevated waterfront lifestyle complex with a 700-room hotel, hiking trails and a 289-foot light sculpture, she said. "The waterfront lifestyle complex is really going to enhance the appeal of the Greater Southern Waterfront," she said. The complex is a "brownfield project," which will be visible from mainland Singapore. Lee declined to comment on whether the planned lifestyle complex will have gaming facilities.
Business Times
04-08-2025
- Business
- Business Times
Stocks to watch: SIA, Nio, Genting Singapore, CDL, United Hampshire US Reit, GHY, Ossia
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Aug 4): Singapore Airlines (SIA): The flag carrier was downgraded to a 'sell' by UOB Kay Hian on Aug 1, with its target price reduced to S$6.03 from S$6.63. Maybank also downgraded the national airline to a 'sell' rating on Jul 29, lowering its target price to S$6.75 from S$6.85, as did CGS International, downgrading it to a 'reduce' and cutting its target price to S$6.80 from S$6.88. SIA's profit plunged 58.8 per cent for its first quarter ended June on drag from Air India and tariffs hurting its cargo business. The counter ended Friday up 0.3 per cent or S$0.02 at S$6.82. Nio : The electric vehicle (EV) maker on Friday announced its delivery of 21,017 vehicles for July 2025. This consisted of 12,675 vehicles from its premium smart EV brand Nio, 5,976 vehicles from its family-oriented smart EV brand Onvo, and 2,366 vehicles from its small smart high-end electric car brand Firefly. Year to date, it has delivered 135,167 vehicles, a 25.2 per cent increase on the year. The counter closed 5.5 per cent or US$0.25 higher at US$4.79, before the announcement. Genting Singapore : The company announced on Friday that chief financial officer Lee Shi Ruh was appointed president and chief operating officer. She will be stepping down as CFO and will be succeeded by Ang Suat Ching. Ang is currently CFO of Resorts World Sentosa (RWS), an indirect wholly owned subsidiary of Genting Singapore. Outgoing president and COO Tan Hee Teck also stepped down as CEO and chairman of RWS in May. Shares of Genting Singapore closed flat at S$0.735, before the announcements. City Developments Ltd (CDL): Its executive chairman Kwek Leng Beng told The Business Times that his plans are for the group's portfolio of hotels to reach the 500 mark. This includes those under subsidiary Millennium Hotels & Resorts and will represent a trebling of the size of its portfolio, which is currently at 160 hotels. The counter ended Friday down 0.7 per cent or S$0.04 at S$6.12. United Hampshire US Reit : The real estate investment trust (Reit) has acquired a freehold shopping centre in Pennsylvania for a purchase consideration of US$16.4 million, subject to closing and post-closing adjustments. As part of Reit's portfolio optimisation and capital recycling strategy, the acquisition will be funded by proceeds from the divestment of its supermarket property in Albany, New York. Units of United Hampshire US Reit closed on Friday 1.1 per cent or US$0.005 lower at US$0.47. GHY Culture & Media : The group expects to report a loss after tax for the six months ended June, it said in a profit guidance issued on Friday. It attributed the loss to the unrealised foreign exchange loss arising from the Singapore dollar's appreciation in the half year against the renminbi, given its significant operations in China, as well as against the US dollar, as the group holds US dollar denominated bank deposits for operational and financing purposes. The counter ended unchanged at S$0.155, before the announcement.
Business Times
18-06-2025
- Entertainment
- Business Times
Resorts World Sentosa commits S$200,000 to newly launched Sustainability Arts Fund
[SINGAPORE] Resorts World Sentosa (RWS) and National Arts Council (NAC) launched the Sustainability Arts Fund on Monday (Jun 16), with RWS committing S$200,000. The fund will support local arts organisations in creating immersive art forms and experiences at Singapore Oceanarium to advocate for marine conservation. RWS and NAC will reach out to local arts groups via open calls for proposals and work with them to develop visual installations, performances and other creative expressions. Lee Shi Ruh, chief executive of RWS, said: 'Through the Singapore Oceanarium by RWS Sustainability Arts Fund, we are creating a dynamic platform where artistic expression sparks deeper understanding of our oceans, cultivating both an appreciation for marine biodiversity and the creative arts.' This fund comes under NAC's Sustain the Arts Fund, which aims to enhance the sustainability of small arts organisations while fostering a culture of giving to support the arts. Following an open call in 2024, two local arts groups have been selected. The first is Mural Lingo, a mural art studio established in 2014. It has developed Between Wonder and Waste, a mural experience combining traditional paint work, sculptural installations and motion-sensor technology that reacts to guests when they draw nearer. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up The artwork showcases the interconnectedness of human activity and marine biodiversity. It features a 22-m-long wall art mural that artistically incorporates debris collected from beach cleanups. Sharon Soh, creative director of Mural Lingo, said: 'It is an invitation for visitors to pause and reflect on their impact on the ocean through a thought-provoking mural – where the artwork transitions from an idyllic and thriving ocean to a stark and dystopian interpretation of reality adversely impacted by ocean waste.' The second art group is TRDOco, a contemporary dance company that will present Guardians of the Sea. This is a three-part immersive dance performance exploring the cause, effect and solution of marine conservation challenges. RWS will continue to select more arts groups in the coming months. Between Wonder and Waste will be on display from Jul 23 – the day Singapore Oceanarium, previously known as SEA Aquarium, officially opens to the public – while Guardians of the Sea's performances will start on Jul 31. Both can be experienced at the Open Ocean zone in Singapore Oceanarium.
