Genting Singapore : 2022 Annual Report

Incorporated in 1984, Genting Singapore Limited ("Genting Singapore" or "Company") was converted into a public limited company on 20 March 1987 and listed on the Main Board of the Singapore Exchange Securities Trading Limited on 12 December 2005. Genting Singapore is a Singapore registered entity and constituent stock of the Straits Times Index. The Company is one of the largest companies in Singapore by market capitalisation.

The principal activities of Genting Singapore and its subsidiaries (the "Group") are in the development, management and operation of integrated resort destinations including gaming, attractions, hospitality, MICE, leisure and entertainment facilities. Since 1984, the Group has been at the forefront of gaming and integrated resort development in Australia, the Bahamas, Malaysia, the Philippines, the United Kingdom and Singapore. Genting Singapore owns Resorts World Sentosa in Singapore, an award-winning destination resort and one of the largest integrated resort destinations in Asia, offering a casino, S.E.A. Aquarium (one of the world's largest Oceanariums), Adventure Cove Waterpark, Universal Studios Singapore theme park, hotels, MICE facilities, celebrity chef restaurants and specialty retail outlets.

WHO WE ARE

Brand leader in sustainable integrated resort developments worldwide

MISSION

To develop world-class integrated resorts that transform destinations, create jobs and re-invest in local economies through sustainable practices and development

OUR CORE VALUES

• • Trustworthiness, Integrity and Mutual Respect

  • • "Kampung Spirit" ("Village Spirit"):

  Warm and caring, always looking out for one another, sharing resources

• 4 Chairman's Statement

• 6 2022 Highlights

• 8 Board of Directors

• 12 Management & Corporate Information

• 13 Corporate Diary & Financial Highlights

• 14 RWS Management Team & Awards and Accolades

• 16 Year in Review

• 20 Sustainability

• 24 Corporate Social Responsibility

• 26 Corporate Governance

• 48 Directors' Statement

• 54 Financial Statements

• 110 Independent Auditor's Report

• 114 Statistics of Shareholdings

• 116 Notice of Annual General Meeting & Proxy Form

• 123 Group Offices

Chairman's Statement

Dear fellow Shareholders,2022 was the year the world began to adapt to living alongside COVID-19, resulting in reopening of international borders and revival of cross border travel. While global travel has yet to return to pre-pandemic levels, there was an encouraging 19-fold increase in tourist arrivals to Singapore as compared to 2021.

Singapore Oceanarium, Minion Land, Equarius Hotel extension together with a world-class bespoke health and wellness centre and waterfront icon, will regenerate and elevate our product offerings for trendy, affluent and wealthy visitors. All these investments are designed to reposition RWS to become a premium luxury destination and establish a foundation for the delivery of higher revenue per critical available land space.

current solar network and piloting tidal turbines at Sentosa Boardwalk, and we have been driving energy efficiency through various innovations and initiatives such as the upgrade of our District Cooling Plant, and a new cloud-based Building Management System. These will culminate towards our goal of achieving carbon neutrality by 2030.

The pent-up demand for tourism and social activities helped to elevate the visitor arrivals to Resorts World Sentosa ("RWS") especially from our key markets in the region.

For the financial year ended 31 December 2022, the Group reported a revenue of $1.7 billion, an increase of 62% over previous year, adjusted earnings before interest, tax, depreciation and amortisation ("Adjusted EBITDA") of $774 million and net profit of $340 million.

In addition, we are refurbishing three of our hotels in phases, which collectively offer over 1,200 keys. Hard Rock Hotel Singapore was refreshed and reopened in May 2022, while Festive Hotel will be refashioned into a bleisure (business-leisure) and workation (work-vacation) hotel with a variety of mobile working spaces and lifestyle offerings for the emerging future of work trends. The new hotel will boost the resort's room inventory by 389 keys.

Looking ahead, while we expect continued recovery of travel and tourism, recovery pace may be inconsistent due to international flight capacities and unexpected border measures. Further, economic uncertainties and inflationary pressure as well as manpower challenges emerge as areas of concern. We remain cautious but optimistic of our journey towards building a resilient recovery of our business.

During the year, RWS continued to excite our visitors with a series of unparalleled events and entertainment. This included the 10th edition of Universal Studios Singapore Halloween Horror Nights, our signature event at the theme park, and the highly acclaimed second edition of Wine Pinnacle Awards 2022 which celebrated the best wines in the world together with an industry symposium, masterclasses and exclusive wine dinners.

As social gatherings resumed with the lifting of safe distancing measures, we spiced up our F&B offerings. Ocean Restaurant unveiled new interiors featuring sustainable materials and welcomed a new celebrity chef - Olivier Bellin, chef-owner of two Michelin-starred L'Auberge des Glazicks in France - who created a modern European menu that focuses on responsibly sourced seafood and local produce.

The Company maintains a prudent and balanced approach to dividend payout that is aligned with shareholders' long-term interests, while balancing with the needs and growth strategy of our business. With the better performance of 2022, the Board of Directors is pleased to recommend a final dividend payout of 2 cents per share. Including the interim dividend of 1 cent paid in September 2022, the total dividend for the financial year ended 31 December 2022 amounts to 3 cents per share.

In May 2022, we held a groundbreaking ceremony for a new, highly-themed zone, Minion Land, at Universal Studios Singapore. In November 2022, construction works at the expansion site for our S.E.A. Aquarium began. It will continue to operate even as we triple its size. When ready, it will be rebranded as the Singapore Oceanarium offering fresh, new enriching educational experiences and programmes that inspire mindset change and drive action to protect our oceans.

We also opened several new restaurants including Soi Social, a contemporary Thai restaurant and bar. Our one-star Michelin restaurant table65 retained its star in 2022. Taken together, the rejuvenated RWS will add a mix of all-new exciting attractions, entertainment, and lifestyle offerings to our destination resort.

On behalf of the Board, I would like to express my sincere appreciation and gratitude to our Shareholders, valued customers, business partners and the Singapore Government ministries and agencies for their steadfast support during these challenging times.

We continue to create value for our shareholders by investing in our $4.5 billion RWS 2.0 mega expansion plans over different phases. These plans, include our medium term development of the Forum,Sustainability remains at the heart of the Group's Environmental, Social and Corporate Governance (ESG) commitments. Our journey towards becoming a sustainable premium lifestyle destination received multiple affirmations in 2022, including the Special Award for Sustainability for the second consecutive year at the Singapore Tourism Awards 2022, and being the world's first venue to achieve Events Industry Council's 2022 Sustainable Events Standards Platinum Level certification. We have also increased our renewable energy capacity by expanding ourTo my fellow Directors, thank you for your valuable guidance. To our Management and team members, I thank you for your passion, dedication and hard work. Together, we will continue to journey towards a steady and full recovery with a vision of a world class destination resort.

Tan Sri Lim Kok Thay Executive Chairman

2022 Highlights

1.

10 'Best Integrated Resort' awards in a row

Resorts World Sentosa ("RWS") earned the prestigious title of 'Best Integrated Resort' at the 31st Annual TTG Travel Awards 2022, marking the 10th consecutive time we have been awarded this honour. Organised by TTG Asia annually, this is one of the most coveted and influential awards to be won.

Despite challenges brought on by the ongoing pandemic, this award win was an ultimate achievement recognising our exemplary standards in sustainable hospitality practices and offerings, reaffirming RWS' standing as a world-class lifestyle destination resort.

3.

Universal Studios Singapore broke ground on Minion Land

Minion Land, slated to open in 2024, broke ground at Universal Studios Singapore in May 2022. As one of the key components of RWS 2.0, Minion Land will be both highly immersive and sustainable. It will feature an exciting variety of rides, themed shops and restaurants, including a world's first original ride exclusive to Universal Studios Singapore, as well as Despicable Me Minion Mayhem, an immersive motion-simulator 3D ride. The zone will also be powered by renewable energy and utilises smart energy systems.

S.E.A. Aquarium gears up for its transformation into the Singapore Oceanarium with thematic experiences

S.E.A. Aquarium welcomed visitors with a series of engaging thematic experiences throughout the year. In celebration of World Oceans Day, Ocean Fest featured interactive art installations, upcycling workshops and beach clean-ups from May to August 2022. Its popular Halloween programme, Deep Boo Sea, drew enthusiastic visitors who embarked on a fun-filled Trick-or-Treat Trail around the aquarium to learn quirky facts about marine animals, while the new Junior Ocean Protector Camp held during the school holidays inspired children to do their part for marine conservation through fun and enriching activities. As the S.E.A. Aquarium undergoes transformation into the Singapore Oceanarium ("SGO") that champions marine education and conservation, these thematic experiences are a precursor to the enhanced visitor experience SGO will offer as part of our expansion project ("RWS 2.0").

4.

Universal Studios Singapore's Halloween Horror Nights returned with new thrills for its 10th edition

The year's most anticipated Halloween event in Singapore, Universal Studios Singapore's Halloween Horror Nights, returned for its 10th edition after a two-year hiatus due to the pandemic. Across 19 event nights from 30 September to 5 November 2022, fans immersed themselves in frightfully new experiences, such as three original haunted houses, two scare zones, a laser-tag challenge, Die-ning with the Dead as well as the Monsters & Manifestations experience.

5.

Ocean Restaurant, Singapore's only underwater fine dining destination, reopens with two Michelin-starred chef

Ocean Restaurant, the iconic underwater dining destination, reopened with a refreshed new look, a new celebrity chef at its helm and a new menu that reflects the integrated resort's commitment to sustainability. Headlined by Chef Olivier Bellin - chef-owner of two Michelin-starred L'Auberge des Glazicks in France - the elegant restaurant overlooks the enthralling marine world of S.E.A. Aquarium's Open Ocean Habitat which is home to more than 40,000 marine animals. Ocean Restaurant's revamp heralds a series of exciting new dining offerings that guests can look forward to at RWS in the coming year.

Bunga Citra Lestari staged her first concert in Singapore at RWS

Popular Indonesian singer and movie star, Bunga Citra Lestari, staged her debut concert in Singapore through a two-night extravaganza, at Resorts World Ballroom within Resorts World Convention Centre ("RWCC") in August 2022. The much-raved concert was a hallmark of the integrated resort's pivot towards curating exclusive premium experiences via a pipeline of specially curated thematic new-to-market offerings that our guests desire.

6.

RWS recognised as a venue for sustainability practices

RWS is the world's first venue to achieve the Platinum Level certification under the latest Events Industry Council (EIC) 2022 Sustainable Events Standards (SES) released in June 2022. This is the highest certification under the award, which recognises organisations with significant and measurable environmental or social performance. This certification raises RWS' reputation as a sustainable and world-class destination, especially for Meetings, Incentives, Conferences and Exhibitions (MICE) clients and delegates who also embrace sustainability at the core of their businesses. It also adds to the slate of sustainability awards and accolades RWS has attained in recent years - first destination in the world to be certified to both the Global Sustainable Tourism Council ("GSTC") Destination Criteria and GSTC Industry Criteria for Hotels in 2021; as well as the Special Award for Sustainability in the Singapore Tourism Awards for 2021 and 2022.

8.

RWS recognised the world's greatest wines at the second edition of Wine Pinnacle Awards

RWS presented the second edition of the Wine Pinnacle Awards in November 2022, celebrating winning wines across 18 categories at the Gala Dinner & Awards Ceremony. The black-tie event at Resorts World Ballroom within RWCC hosted nearly 500 leading figures in the wine world including distinguished winemakers, top wine professionals and wine enthusiasts. The Gala Dinner & Awards Ceremony was the finale of a five-day programme that featured exclusive wine dinners, industry masterclasses and a two-day symposium.

Board of Directors

TAN SRI LIM KOK THAY, 71

GENTING SINGAPORE ANNUAL REPORT 2022

EXECUTIVE CHAIRMAN

Date of First Appointment 24 October 1986 Date of Last Re-election 21 April 2022 Country of Principal Residence Malaysia

Tan Sri Lim has been the Chairman of the Company since 1 November 1993 and the Executive Chairman since 1 September 2005. He is responsible for formulating the Group's business strategies and policies.

Tan Sri Lim joined the Genting Group in 1976 and has served in various positions within the Group. He is the Chairman and Chief Executive of Genting Berhad ("GENT"), the Deputy Chairman and Chief Executive of Genting Malaysia Berhad ("GENM"), as well as the Deputy Chairman and Executive Director of Genting Plantations Berhad, all of which are listed on the Main Market of Bursa Malaysia Securities Berhad. He is also the Chairman of Genting UK Plc.

By virtue of Tan Sri Lim's positions and/or his indirect shareholding interests in GENT, GENM, Empire Resorts, Inc. (a holding company for various subsidiaries engaged in the hospitality and gaming industries) and Resorts World Cruises related companies, he is considered as having interests in businesses which may compete indirectly with the Group's business. The Company's management team is separate and independent from the aforementioned companies. Further, other than Tan Sri Lim, the Company's Board of Directors comprises four Independent Non-Executive Directors and an Executive Director who is not related to Tan Sri Lim.

Tan Sri Lim is the Chairman of the Board of Trustees of The Community Chest, Malaysia ("TCC"), as well as a Founding Member and a Permanent Trustee of TCC. He also sits on the Boards of Trustees of several charitable organisations in Malaysia.

Tan Sri Lim holds a Bachelor of Science in Civil Engineering from the University of London. He attended the Programme for Management Development at the Harvard Business School, Harvard University in 1979. He is an Honorary Professor of Xiamen University, China. He was bestowed the national award, the Panglima Setia Mahkota, which carries the titleship of "Tan Sri" by the Yang Di Pertuan Agong of Malaysia on 1 June 2002.

TAN HEE TECK, 67

CHIEF EXECUTIVE OFFICER

Date of First Appointment 19 February 2010 Date of Last Re-election 28 May 2020 Country of Principal Residence Singapore

Mr Tan is the Chief Executive Officer of the Company. Prior to this appointment on 1 May 2022, he was the President and Chief Operating Officer of the Company from 19 February 2010 to 30 April 2022.

He has been the Chief Executive Officer of Resorts World at Sentosa Pte. Ltd. since 1 January 2007 and Chairman since 25 February 2015. Mr Tan was responsible for the successful bidding of the Integrated Resort at Sentosa Island, Singapore in 2006. He joined the Genting Group in 1982 and has held various senior positions within the Genting Group throughout the years.

Prior to re-joining the Genting Group in 2004, Mr Tan was the Chief Operating Officer and Executive Director of DBS Vickers Securities (Singapore) Pte. Ltd., a wholly-owned subsidiary of DBS Group Holdings Ltd.

Mr Tan serves as a Council member and Vice President of the Singapore National Employers Federation. He is a board member of the Central Provident Fund Board of Singapore and the Singapore Hotel Association. In 2022, he was appointed as an Independent Non-Executive Director of Anext Bank Pte. Ltd., a wholly-owned subsidiary of the Ant Group. A strong believer in social, charitable and conservation causes, Mr Tan is a co-founder of the charitable organisation Leukemia and Lymphoma Foundation, Singapore, and sits on the Board of Trustees of the Sea Research Foundation, Connecticut, USA.

Mr Tan is a Fellow of the Association of Chartered Certified Accountants, UK, a Fellow of the Institute of Singapore Chartered Accountants and a Chartered Accountant with the Malaysian Institute of Accountants. He has completed the Advanced Management Program and obtained the Corporate Director Certificate from the Harvard Business School.

8