Casino operator Genting Singapore Ltd posted first-half net profit attributable to shareholders of just above SGD234.7 million (US$182.9 million), down 34.2 percent from the prior-year period.
Aggregate revenue for the first six months of 2025 stood at about SGD1.21 billion, a 10.4-percent decrease from a year earlier, according to a Thursday announcement.
Genting Singapore is the operator of Resorts World Sentosa (pictured), one of Singapore’s two casino resorts. The firm is a subsidiary of Malaysian conglomerate Genting Bhd.
The company proposed a one-tier, tax-exempt interim dividend of SGD0.02 per ordinary share, to be paid on September 17.
First-half adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) fell by 25.8 percent year-on-year, to SGD423.7 million.
Genting Singapore’s gaming revenue in the six months to June 30 was SGD839.4 million, down 12.3 percent year-on-year.
As of June 30, the group’s trade receivables amounted to SGD591.3 million, the majority of which related to casino debtors. It compared with an amount of SGD528.3 million a year earlier.
Non-gaming revenue for the first half of 2025 stood at SGD368.4 million, a decline of 6.3 percent from a year earlier.
The casino firm said in Thursday’s filing that while the performance for the first quarter of 2025 “moderated year-on-year” – due to what it said was the “absence of 2024’s visa-driven demand” – the group’s revenue grew by “3 percent in the second quarter of 2025 to SGD588.3 million”. That, it added, was supported by “growth in VIP rolling volume and higher win rate,” as well as an increase in the number of visitors to the Universal Studios Singapore theme park, one of Resorts World Sentosa’s main non-gaming attractions.
Genting Singapore said its adjusted EBITDA for the second quarter of 2025 stood at SGD187.9 million, a 7-percent decline from the prior-year period, “reflecting the impact of higher costs and the temporary closure of S.E.A. Aquarium in May and June this year to facilitate the opening of the Singapore Oceanarium”.
A revamped retail area at Resorts World Sentosa, dubbed “WEAVE”, began opening in early July, while the Singapore Oceanarium saw its launch to the public in late July.
The group opened on February 14 a new themed zone, called “Illumination’s Minion Land”, at the Universal Studios Singapore.
Genting Singapore is scheduled to launch The Laurus, a 183-room hotel under The Luxury Collection Hotels & Resorts brand, in October.
The company said it “navigated its transformation phase with steady growth” in the second quarter this year, notwithstanding “unavoidable” disruptions from the ongoing expansion of the casino complex, known as RWS 2.0.
The firm’s board had approved a total investment of about SDG6.80 billion to upgrade and expand the property.
In mid-November the company broke ground for a new waterfront development at the complex. The firm expects that expansion to be completed in 2030.
The casino operator announced last week that its chief financial officer (CFO), Lee Shi Ruh, has been appointed the group’s president and chief operating officer, with effect from August 1. Ms Lee had served as CFO of Genting Singapore since 2010.
In June, Ms Lee took on the role of chief executive of Resorts World at Sentosa Pte Ltd, the operating entity of Resorts World Sentosa.
Genting Singapore also said that Ang Suat Ching, currently CFO of Resorts World at Sentosa Pte, has been appointed CFO of Genting Singapore. Ms Ang will concurrently retain her role at Resorts World at Sentosa Pte.
