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Singapore Tourism Report Q4 2010
Business Monitor International, Oct 2010, Pages: 54
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.
Improved Performance in 2010
Arrivals to Singapore have been on an upwards trend throughout 2010 so far. In July, the city-state welcomed 1,095,000 visitors, a record for the month and the first time Singapore has ever welcomed 1mn tourists in a calendar month. Cumulative arrivals for the first seven months of 2010 came to 6.63mn. This strong performance reflects the improving global economic environment, as well as the positive impact of Singapore’s new integrated resorts. The Singapore Tourism Board (STB) also identified improved tourist sentiment and tactical promotions by airlines and hotels as other key growth drivers.
BMI made upwards revisions to our 2010 forecasts for tourist arrivals in Q310. Consequently, we will maintain our current forecast in Q410. We believe that a forecast increase of 16% for total arrivals is appropriate, but with risks to the upside if the trends seen so far in 2010 carry on into Q3 and Q4. The new integrated resorts at Sentosa have been successful in attracting tourists to Singapore. Further bolstering arrival numbers in 2010 has been Singapore’s hosting of the first Youth Olympic Games in August and the Singapore Grand Prix, held on the final weekend of September.
MICE market remains buoyant
Encouragingly for Singapore’s MICE market, it appears that the opening of conference facilities at the two new integrated resorts at Sentosa and Marina Bay Sands has not taken business away from other conferencing venues in the Lion state. In August 2010, the Channelnewsasia website reported that the Suntec Convention Centre has booked a total of 102 new events during June, while the Singapore Expo has attracted 15 new events in recent months.
This comes despite Marina Bay Sands having booked more than 180 events since its opening in April, with Resorts World having already welcomed in excess of 100,000 delegates since its own opening in February, according to Channelnewsasia. Industry observers believe that the greatest threat to Singapore’s pre-eminence in the MICE market in future years will come from other cities in the region, in particular Hong Kong and Shanghai.
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 onwards 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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