Resort World Sentosa
1. History & Background of the Industry
The very first outdoor theme park built in Singapore is Escape Theme Park. It was opened in May 2000 at the East side of Singapore, Downtown East, Pasir Ris. It has attracted over 4 million people since its opening. However due to redevelopment of Downtown East, Escape Theme Park was ceased on 26 November 2011.
The first water theme park in Singapore was Wild Wild Wet. It opened in June 2004 at the same location as Escape Theme Park. Wild Wild Wet has received several awards since it’s opening.
Universal Studios Singapore (USS) was set up at Sentosa, Waterfront station. It is the largest theme park in Singapore and has attracted 2 million visitors in the first nine months of their opening. USS celebrated their 10 millionth visitor in April 2013.
Recently, there was another water theme park build at Sentosa. Adventure Cove was opened on 22 November 2012. It has more rides available than Wild Wild Wet. Since then, it was seen as a worthy competitor to Wild Wild Wet.
2. Industry in Detail – Players (Firms/Companies), Brands, Trends
Market Structure – Identification
It is identified as oligopoly.
Market share of firms in the industry
Universal Studios has the highest market share in Singapore as they offer unique rides that no other theme parks have. Their main competitors are Adventure Cove and Wild Wild Wet. However, both Wild Wild Wet and Adventure Cove are of the same type of theme parks which provides only water rides. With similar attractions, both have a split share of the market.
Barriers to enter
There is a very high barrier for entry in the theme park industry as it requires a lot of financial capital as well as land space. Singapore being a small country has very limited space. It is not easy to find an ideal land to set up a theme park. It also takes time to clear away the land to build a theme park which requires a large space.
Competition / Brand competition
There is not much
The very first outdoor theme park built in Singapore is Escape Theme Park. It was opened in May 2000 at the East side of Singapore, Downtown East, Pasir Ris. It has attracted over 4 million people since its opening. However due to redevelopment of Downtown East, Escape Theme Park was ceased on 26 November 2011.
The first water theme park in Singapore was Wild Wild Wet. It opened in June 2004 at the same location as Escape Theme Park. Wild Wild Wet has received several awards since it’s opening.
Universal Studios Singapore (USS) was set up at Sentosa, Waterfront station. It is the largest theme park in Singapore and has attracted 2 million visitors in the first nine months of their opening. USS celebrated their 10 millionth visitor in April 2013.
Recently, there was another water theme park build at Sentosa. Adventure Cove was opened on 22 November 2012. It has more rides available than Wild Wild Wet. Since then, it was seen as a worthy competitor to Wild Wild Wet.
2. Industry in Detail – Players (Firms/Companies), Brands, Trends
Market Structure – Identification
It is identified as oligopoly.
Market share of firms in the industry
Universal Studios has the highest market share in Singapore as they offer unique rides that no other theme parks have. Their main competitors are Adventure Cove and Wild Wild Wet. However, both Wild Wild Wet and Adventure Cove are of the same type of theme parks which provides only water rides. With similar attractions, both have a split share of the market.
Barriers to enter
There is a very high barrier for entry in the theme park industry as it requires a lot of financial capital as well as land space. Singapore being a small country has very limited space. It is not easy to find an ideal land to set up a theme park. It also takes time to clear away the land to build a theme park which requires a large space.
Competition / Brand competition
There is not much
References: 1. http://www.themepark.sg/escape-theme-park.html 2. http://www.themepark.sg/universal-studios.html 3. http://www.rwsentosa.com/language/en-US/Homepage/ThingsToDo/UniversalStudiosSingapore 4. http://www.straitstimes.com/breaking-news/singapore/story/universal-studios-singapore-hits-10-million-visitor-mark-20130418 5. http://www.rwsentosa.com/LinkClick.aspx?link=RWS%2fpressroom%2fpressroom+2012%2fPress+Release+-+RWS+Unveils+The+Worlds+Largest+Oceanarium.pdf&tabid=61&mid=2371&language=en-US 6. http://www.wildwildwet.com/park-overview.php 7. https://downtowneast.wordpress.com/tag/wild-wild-wet-renovation/ 8. http://www1.yoursingapore.com/annualreport/pdf/stb_ar_2012.pdf 9. http://forum.channelnewsasia.com/showthread.php?414010-DISNEYLAND-SINGAPORE-Disneyland-May-Be-Built-At-Marina-East