‘Bright
future ahead for IRs’: new Sentosa Leisure Group chief is upbeat about
tourism growth
Posted by luxuryasiahome on September 9, 2008
ECONOMIC growth forecasts
may be trimmed, and hiring may falter, but a slowing economy may actually
turn out to be a blessing in disguise for Singapore’s integrated resorts
(IRs).
So says Mr Mike Barclay,
the new chief executive of Sentosa Leisure Group, which manages the
500-hectare (1,235-acre) island on Singapore’s southern tip where the
Resorts World at Sentosa integrated resort is being built.
“With a slower economy,
you could see a little bit of relief in some of the drivers, including
increasing constructions costs”, Mr Barclay told Today on the sidelines
of a Forbes Global CEO Conference briefing yesterday.
A combination of
rising costs and supply shortages has reportedly caused the budget of
some building projects across Singapore to soar by as much as 30 to
50 per cent.
Marina Bay Sands,
Singapore’s other IR being built near the central business district,
was recently reported to have blamed soaring prices of building materials
for costs increasing from an estimated US$3.6 billion($5.12 billion)
to US$4.5 billion.
Similarly, last November,
Resorts World bumped up its budget to $6 billion from $5.2 billion.
Marina Bay Sands
and Resorts World are slated to be open by the end of 2009 and 2010
respectively.
When asked about
the progress of construction for the Sentosa IR, Mr Barclay said that
Genting, the company behind the 49-hectare project, is “pushing very
hard” to meet the deadline.
“They see the great
long-term goal of getting the integrated resort up and running. Resorts
World has a lot to offer businesses to Singapore and I think they share
in this vision which.. (wouldn’t) be affected by the short term turbulence
in the economic situation”, he added.
Mr Barclay, who is
less than a month into his Sentosa role, also expressed optimism in
Singapore’s tourism industry despite the recent hiccups in tourist arrivals
to the Republic.
“The whole tourism
industry is really looking at medium to long term goals, so whatever
the short term turbulence this and next year, there’s a very bright
future for the industry. We are coming out with some really great attractions
in the coming years,” he said.
Future attractions
at Resorts World include a Universal Studios theme park and a marine-life
park.
Mr Barclay predicts
visitor arrivals to Sentosa Island will reach 15 million a year by 2015,
a target set in February this year.
Sentosa island currently
enjoys annual visitor arrivals of about 6 million.
Source : Today -
9 Sep 2008
