Credit and market research provider CreditSights Inc says it is “concerned” that Genting Singapore Ltd “may be facing some structural challenges in its ability to stay competitive” in the city-state’s casino market.
Genting Singapore is the operator of Resorts World Sentosa (pictured), one of Singapore’s two casino resorts, the other being Marina Bay Sands, promoted by a unit of Las Vegas Sands Corp. Genting Singapore is a subsidiary of Malaysian conglomerate Genting Bhd.
“We grow concerned that Genting Singapore may be facing some structural challenges in its ability to stay competitive, seeing Marina Bay Sands’ robust results and Genting Singapore’s deteriorating mass-market share,” wrote CreditSights analysts Lakshmanan R. and Jonathan Tan Jun Jie in a note published on Monday.
They were referring to the first-half results of Genting Singapore and those of Marina Bay Sands.
Genting Singapore’s revenue and adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) fell by about 10 percent and circa 26 percent respectively year-on-year, the analysts noted. This was “led by weakness” in both gaming revenue, which fell 12 percent, and non-gaming revenue, which declined 6 percent, in addition to higher staff costs.
CreditSights, a unit of Fitch Group, said such declines “were due to renovation disruptions” at Resorts World Sentosa, which “hurt footfall, especially from the mass market segment”. The “strong competition” posed by rival Marina Bay Sands was also mentioned as a reason affecting Resorts World Sentosa’s performance.
The research institution pointed out that the Las Vegas Sands property “posted solid first-half 2025 gaming revenues, up 23 percent year-on-year, with robust growth in both the mass market (up 34 percent) and the VIP segments (up 17 percent).”
Banking group JP Morgan said in a note in August that Resorts World Sentosa saw its market share in terms of EBITDA fall below 30 percent during the second quarter, “the first time on record” that it has happened since the opening of the complex in 2010.
“For now, we are cautiously optimistic for Genting Singapore’s gaming and non-gaming revenues to rebound in the second half of 2025 and full-year 2026, underpinned by a recovery in footfall as the first wave of major renovations are nearly complete,” the CreditSights analysts said in Monday’s note.
A revamped retail area at Resorts World Sentosa, dubbed “WEAVE”, began opening in early July, while the Singapore Oceanarium opened to the public in late July.
The group opened a new themed zone, “Illumination’s Minion Land”, at Universal Studios Singapore on February 14.
Genting Singapore is scheduled to launch The Laurus, a 183-room hotel under The Luxury Collection Hotels & Resorts brand, in October.
The ongoing expansion of the casino complex, known as RWS 2.0, involves a total investment of about SGD6.8 billion (US$5.27 billion currently).
In November last year, the company broke ground on a new waterfront development at the complex. Genting Singapore expects that expansion to be completed in 2030.
CreditSights noted that Genting Singapore’s management had earlier commented that footfall trends “were encouraging post the July attraction openings”.
It added: “Further asset enhancements are expected progressively through 2030, though it remains to be seen if they are successful at attracting footfall, amid Marina Bay Sands’ own large US$8 billion expansion programme.”
Las Vegas Sands broke ground in July on its US$8 billion Marina Bay Sands expansion project, which is expected to open in 2031. It will include a new 570-suite luxury hotel tower, a 15,000-seat arena, additional meetings and exhibitions space, entertainment amenities, and further gaming areas.
