Singapore Flyer is the biggest Ferris wheel in the world. It officially marked its opening on 15 April 2008. In addition to its opening, it donated $28,000 to The Straits Times School Pocket Money Fund and festivals that consists of fireworks, music, and performances. Prime Minister Lee Hsien Loong was invited as the guest of honor for the grand opening of Singapore Flyer. Also, families and senior citizens from grassroots and social welfare organizations were invited as guests.However, Singapore Flyer faced many challenges since its opening in April 2008.
There was an incident that took place on 23 December 2008 where a fire broke out in the wheel control room. It caused the flyer to stopped and thus resulting in 173 people being trapped in the capsules for around 6 hours without air-conditioning since 4.50PM. By 8.00PM, there were only 10 passengers rescued.
The remaining passengers were evacuated when the flyer started moving at around 11.10PM. Due to this incident, 2 passengers were hospitalized.
Following the incident, Singapore Flyer was temporarily closed for police investigations into the technical malfunction. It resumed operation on 26 January 2009.On 27 April 2010, Marina Bay Sands (MBS) was built but it did not affect Singapore Flyer until the year 2011.
In 2011, there was a decrease in the number of visitors to Singapore Flyer and an increase in the number of visitors to MBS (Refer to Appendix 1.1). The opening of MBS posed a threat to Singapore Flyer.Not long after the opening of MBS, Singapore Flyer faced another incident in July 2010 where the lightning struck one of the electrical cables that supplied power to the air-conditioning systems resulting in a power failure. It forced the ride to shut down which affected 200 passengers. Furthermore, in May 2013, the company who started operating Singapore Flyer, Singapore Flyer Pte Ltd, declared bankruptcy.
Singapore Flyer was put into receivership while continuing operating. Following its bankruptcy, Straco Corporation Limited bought over Singapore Flyer in August 2014 and started profiting from it over the years. In 2015 and 2016, Straco Corporation Limited earned a profit of approximately $10,000,000 and $8,200,000 respectively.