- Joined
- Aug 6, 2008
- Messages
- 2,039
- Points
- 0
Singapore Tourism Report Q2 2010 - New Market Report Published
New report provides detailed analysis of the Travel market
by Press Office
LONDON, ENGLAND -- (Companiesandmarkets.com and OfficialWire) -- 04/14/10 -- <TABLE style="WIDTH: 250px; FLOAT: left" border=0 cellSpacing=2 cellPadding=0 align=center><TBODY><TR><TD style="TEXT-ALIGN: center">
Difficult 2009 For Singapore Tourism ; Arrivals to Singapore dropped by some 4% in 2009, to 9.7mn, in line with our thinking on the subject. An extremely strong performance in the second half of the year was not quite enough to offset the poor start to the year experienced by the Lion State's tourism industry. Tourism revenue totalled an estimated SGD12.4bn for the year, according to figures released by the Singapore Tourism Board (STB) in February 2010. This represented a decline of 19% y-o-y, as tourists spent less while in country. Although 2009 was difficult for the Singaporean tourism industry, there are reasons to be positive about the outlook for 2010 as the global economy recovers. In particular, the opening of the two integrated resorts, Marina Bay Sands and Resorts World Sentosa, should help the island attract new tourists. Also in 2010, Singapore will host the first Youth Olympic Games and open the International Cruise Terminal.
Tiger Airways IPO Takes Flight
In January 2010 Tiger Airways launched its long-awaited IPO of stock in the company. The airline raised some SGD233mn via the IPO, SGD20.4mn of which will be used to pay down debt, according to the company. The remainder is expected to be used to fund expansion. In February 2010, Tiger Airways announced its Q309/10 results. Revenues for the first nine months of the year stand at SGD345.6mn, with the company's net profit for the period standing at SGD5.9mn. The company attributed its strong growth in revenue to a 51% increase in passenger numbers over the period.
First Integrated Resorts Open For Business
Four of the new hotels at Resorts World Sentosa - Crockfords Tower, Hotel Michael, Festive Hotel and the Hard Rock Hotel Singapore - opened for business in January 2010. These hotels have now been joined by the city state's first casino, which opened in February 2010, with the resort to open its Universal Studios theme park in late March 2010, after this report goes to press. A further two hotels (Equarius and Spa Villas) are scheduled to open in early 2011. The resort's developer, Genting International, is expecting some 13mn visitors during the first year of full operations, according to local media reports. The other integrated resort, at Marina Bay Sands, is scheduled for a soft opening in April 2010, with the formal opening to take place in June 2010, slightly behind its original schedule. We believe Sentosa and Marina Bay will do much to significantly boost Singapore's tourism industry from 2010 onwards, as they offer a wide range of tourism-themed entertainment aimed at complementary markets. Government projections have estimated that each resort could be contributing some SGD2.7bn to Singaporean GDP by 2015. Singapore Tourism Report Q2 2010:
http://www.companiesandmarkets.com/r.ashx?id=7ZAY1T67J278198&prk=3398cab75c6a758740b23ccf79948a47
PRINTED FROM OFFICIALWIRE
</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
