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CONTENTS 4 CHAIRMAN’S STATEMENT 6 2014 HIGHLIGHTS ABOUT GENTING SINGAPORE 8 BOARD OF DIRECTORS For over 30 years, Genting Singapore and its subsidiaries have been at the forefront of gaming and integrated resort development in Australia, the Bahamas, Malaysia, the Philippines, Singapore and the 10 MANAGEMENT & CORPORATE INFORMATION United Kingdom. Today, it is best known for its flagship project, Resorts World™ Sentosa in Singapore, which is one of the largest fully integrated destination resorts in South East Asia. The Company is currently developing an integrated resort in Jeju, South Korea, called Resorts World™ Jeju which is 11 FINANCIAL HIGHLIGHTS slated to open progressively in 2017. Listed on the Main Board of the Singapore Exchange Securities Trading Limited, Genting Singapore has a market capitalisation of US$10.0 billion as at 31 December 2014 and ranks among Singapore’s largest companies by market capitalisation. 12 CORPORATE SOCIAL RESPONSIBILITY 14 YEAR IN REVIEW 18 CORPORATE DIARY 19 CORPORATE GOVERNANCE 33 REPORT OF THE DIRECTORS 36 FINANCIAL STATEMENTS 116 INDEPENDENT AUDITOR’S REPORT 117 STATISTICS OF SHAREHOLDINGS GENTING SINGAPORE ANNUAL REPORT 2014 GENTING SINGAPORE ANNUAL REPORT 2014 CHAIRMAN’S STATEMENT Dear fellow Shareholders, This year we celebrate the 5th anniversary from the opening player market segment was impacted by significant below region. We have dedicated significant resources to train and of our doors for business at our flagship property, Resorts average win percentage and rolling volume. The mass and develop our people so that they are better equipped to deliver World Sentosa (“RWS”). It was a historic occasion being the premium mass segments of our gaming business have shown that experience. One initiative we launched last year was the first Integrated Resort in Singapore and that day was also the encouraging signs, registering a respectable growth in revenue inaugural RWS Learning Festival to ingrain the spirit of life-long first day of the Lunar New Year and Valentine’s Day. This is a in the last quarter of 2014. learning in our team members. significant milestone for Genting Singapore (the “Group”) and an opportunity for us to reflect on our achievements. Since its Our non-gaming businesses were robust with revenues of Even as we celebrate our achievements, we remember our opening in 2010, RWS has transformed the tourism landscape S$653.1 million in the financial year ended 31 December 2014. responsibilities to the communities we are a part of, whose well- in Singapore and attracted tens of millions of visitors to the The Attractions businesses welcomed daily average visitation being contribute to the sustainability of our businesses. Beyond resort. of 18,000 in 2014. Our hotels performed strongly relative to the their daily work responsibilities, our team members actively rest of the industry, registering a high occupancy rate of 93% volunteered their time and energy towards charitable causes. We are honoured to have been voted with an average room rate of about S$400 for the year. the “Best Integrated Resort” for four As we look towards growing our As Singapore gears up for its Golden Jubilee celebrations this consecutive years at the Travel Trade year, more visitors from surrounding countries are expected, earnings base, we are actively Gazette (“TTG”) Travel Awards, which which will help boost tourist arrivals to Singapore. We continue seeking new opportunities within recognises the best of Asia Pacific’s to spend in the areas of marketing and promotions to improve our core competencies. new and repeat visitation from our target markets both in the travel industry. gaming and non-gaming businesses. In the second quarter Our joint venture integrated resort, Resorts World Jeju (“RWJ”), of 2015, Universal Studios Singapore will launch its latest on Jeju Island, South Korea held its groundbreaking on 12 This prestigious award cements RWS’ status as Asia’s ultimate attraction, “Puss In Boots’ Giant Journey” and in April, see the February 2015. RWJ will boast of a world-class theme park, destination resort and reaffirms Genting Singapore’s branding much anticipated return of the Battlestar Galactica dueling roller MICE facilities, sizeable retail space, gaming and entertainment as a global leader in integrated resort development. coasters. These launches will present opportunities for us to facilities, and luxury hotels. I am optimistic that our established create events to boost visitation to our resort. track record and collective knowledge and experience will equip The Group performed commendably for the financial year us well in successfully developing this world-class tourism icon. ended 31 December 2014, with an adjusted earnings before In recent months, the macro-economic ecosystem has been RWJ, when fully open in 2020, will be a magnet for the regional interest, tax, depreciation and amortisation (“Adjusted EBITDA”) altered to an extent that the gaming industry has to adjust to tourist market. of S$1.16 billion. Despite a significant drop in tourist arrivals to a new norm. We recognise that to stay relevant in the various Singapore of 3.1%, we managed a modest revenue growth of industries that we are in, we have to be innovative and creative Outside of South Korea, we are keeping a keen eye on the over one percent year-on-year to S$2.86 billion, and net profit in our business and marketing plans. In this regard, RWS has potential opportunities in Japan. We are closely monitoring the was S$635.2 million. In 2014, Singapore’s tourism industry and will continue to refine its strategies. legislative developments. I am confident our track record and experienced significant challenges in the face of moderating competitive edge in building world-class and iconic destination economic conditions in our major visitor markets. At the same I am heartened to report that the development of Genting Hotel resorts will prepare us well in seizing the opportunities. time, the strength of the Singapore dollar against the regional Jurong is on budget, and on target for a soft opening in May currencies had dampened demand. 2015. As the seventh hotel under RWS, the strategically located In conclusion, on behalf of the Board of Directors, I want to 550-room Genting Hotel Jurong is set to add much needed commend all our team members for their dedicated contribution Our net asset value per share strengthened to 61.1 Singapore capacity to our room inventory. This hotel forms an important to the Group. I also wish to express my heartfelt appreciation cents as at the end of 2014 compared to 60.0 Singapore cents part of our business strategy to drive greater visitation to RWS. to the authorities in Singapore and Korea who have generously a year ago. Cash and cash equivalents stood at S$3.70 billion supported our investments. To all our customers and business as at 31 December 2014. Given the highly competitive tourism industry in Singapore, we partners, I thank you. are continually working to maintain our leadership position as a The Board of Directors has proposed a final dividend of one top visitor destination in the Asia Pacific. It has been challenging cent per share for the financial year ended 31 December 2014. to maintain our high service standards and visitor experience in the face of a very tight labour market. Our gaming business continues to perform creditably in 2014 notwithstanding the adverse conditions in the Asian gaming We would like to recognise all of our team members who play Tan Sri Lim Kok Thay industry. Revenue from our gaming business recorded a a vital role in delivering that memorable customer experience Executive Chairman modest growth to S$2.21 billion for the year. Our premium that differentiates our resort from that of our competitors in the 4 l GENTING SINGAPORE ANNUAL REPORT 2014 GENTING SINGAPORE ANNUAL REPORT 2014 l 5 Photo courtesy of Trick Eye Museum Singapore 1 3 5 2 4 7 6 1 MAKING WAVES IN KOREA 2 CELEBRATING MOMENTS 3 PLAYING TRICKS ON THE EYE In February 2014, Genting Singapore announced a joint As RWS entered its fourth year of operations, we turned the RWS scored a coup with the opening of the first Trick Eye 2014 venture with Landing International Development Limited to spotlight from hardware to software. A regional promotional Museum outside of South Korea. The gallery opened to snaking develop and manage an integrated resort in Jeju, Korea. Resorts campaign called Moments was launched in May to celebrate queues of guests eager to be a part of its interactive artworks World Jeju broke ground in February 2015, and the US$1.8 guests’ special moments at RWS. Award-winning Hong Kong and installations that play on optical illusions, placing guests at HIGHLIGHTS billion development with premium leisure and entertainment director David Tsui was enlisted to create videos that bring out the centre of realistic situations such as escaping from the jaws facilities is slated for a progressive opening from 2017. the experiences of a family on holiday at RWS, and a regional of a monster fish, or posing inside a Monet painting. photo competition and special packages were launched as part of the campaign. BEST INTEGRATED RESORT WELCOMING 20 MILLION GROOMING FUTURE TALENTS CARE FOR THE COMMUNITY 4 VISITORS TO THE ATTRACTIONS 5 6 IN ASIA PACIFIC 7 Genting Singapore partnered Singapore Management RWS supported the Care & Share Movement led by RWS welcomed the 20 millionth visitor to its gated attractions RWS was – for the fourth year running - lauded as the Best University to offer a specialised training programme with Community Chest, and helped raise some S$2.9 million for its in July 2014 with fanfare and a bagful of goodies. The four gated Integrated Resort at the 25th Annual TTG Travel Awards 2014, industry immersion within RWS.

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