Research and Markets: Singapore Tourism Report Q3 2010 - The Government Has Estimated That Each Resort Could Contribute SGD2.7bn to Singaporean GDP By 2015
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Research and Markets: Singapore Tourism Report Q3 2010 - The Government Has Estimated That Each Resort Could Contribute SGD2.7bn to Singaporean GDP By 2015
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Category: Asia Pacific - Singapore - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-09-15
Singapore Tourism Report provides industry professionals and strategists, corporate analysts, tourism associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's tourism industry.
A Solid Start To 2010
Arrivals to Singapore have been on an upwards trend throughout 2010 so far. In April, the city-state welcomed 938,000 visitors, a record for the month and a 20% increase on April 2009. Cumulative arrivals for the first four months of 2010 came to 3.63mn. This strong performance reflects the improving global economic environment, as well as the positive impact of Singapore’s new integrated resorts. In light of the strong start to 2010, we believe it is right to make upward revisions to our forecasts for tourist arrivals this year. We now believe that a forecast increase of 16% for total arrivals is appropriate. The new integrated resorts at Sentosa should be successful in attracting tourists to Singapore. Further bolstering arrival numbers in 2010 will be Singapore’s hosting of the first Youth Olympic Games in August.
Singapore Airlines In The Black
Singapore Airlines has maintained its perfect record of full-year profitability, announcing in May 2010 that it posted a net profit attributable to shareholders of SGD216mn for FY09/10, This reversed the SGD466mn loss it posted for the first half of FY09/10. Group revenues for the year came to SGD12,707mn.
In March 2010, the airline launched five new weekly services to Manchester via Munich. In June 2010, the airline announced that it was upgrading this to a daily service from September. Over the next financial year, the company expects to take delivery of four Airbus A380-800s and eight A330-300s, while one Boeing 747-400 (to be returned at end of the lease) and 10 B777s (four sold and six leased out) are expected to leave the fleet. The increase by one aircraft will bring the fleet to a total of 109 aircraft by March 2011.
First Integrated Resorts Open For Business
Four of the hotels at Resorts World Sentosa – Crockfords Tower, Hotel Michael, Festive Hotel and the Hard Rock Hotel Singapore – opened for business in January 2010. These were joined by the city-state’s first casino in February 2010, with the resort holding a soft opening of its Universal Studios theme park in March 2010. Two more hotels, Equarius and Spa Villas, are scheduled to open in early 2011. The resort’s developer, Genting International, expects around 13mn visitors during the first year of full operation, according to local media reports.
Another integrated resort, Marina Bay Sands, opened its first phase of development in April 2010, offering 963 out of its total of 2,560 hotel rooms, as well as part of its shopping mall, restaurants and convention centre. The grand opening for the resort took place in June.
BMI believes the Sentosa and Marina Bay resorts will do much to significantly boost Singapore’s tourism industry from 2010 as they offer a wide range of entertainment aimed at complementary markets. The government has estimated that each resort could contribute SGD2.7bn to Singaporean GDP by 2015.
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