Casino operator Genting Singapore Ltd posted first-quarter net profit after tax of nearly SGD145.0 million (US$111.4 million), down 41.4 percent from the prior-year period.
Aggregate revenue for the first three months of 2025 stood at just under SGD626.2 million, a 20.2-percent decrease from a year earlier. Quarterly revenue was up 2.3 percent sequentially, according to a Wednesday 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.
In a separate announcement on Wednesday, Genting Singapore said its chief executive Tan Hee Teck is to retire at the end of May. Mr Tan is also to step down as CEO of Resorts World at Sentosa Pte Ltd, the operating entity of Resorts World Sentosa.
Lim Kok Thay, the head of gaming conglomerate Genting group, will assume the role of acting CEO of Genting Singapore with effect from June 1. Mr Lim will remain as an executive chairman of the company.
“Mr Tan has made a personal decision to retire from all his executive and board roles held in the group. Following careful deliberation … the company has today agreed to his request of retiring from all his roles in the group, which will be with effect from 31 May 2025,” stated Genting Singapore.
“Mr Tan has committed to support a smooth transition until 30 November 2025 when he fully retires from the company,” it added.
Mr Tan was appointed as CEO of Resorts World Sentosa in January 2007, assuming also the chairman position in February 2015. He was also president and chief operating officer of Genting Singapore between 2010 and 2022. He was appointed as CEO of the company in May 2022.
Mr Tan was quoted in the announcement as saying: “It has been an incredible honour to be part of Genting Singapore for over 20 years. I’m so proud of what we’ve accomplished together, especially introducing Resorts World Sentosa to the world, and now beginning its exciting transformation into RWS 2.0.”
Mr Lim said in prepared remarks that Mr Tan’s leadership had been “invaluable” to Genting Singapore. “Working alongside the team, he has been instrumental in building Resorts World Sentosa into the world-class destination it is today,” he stated.
Genting Singapore also said Lee Shi Ruh, currently president of Resorts World at Sentosa Pte, will assume the role of CEO of Resorts World at Sentosa Pte with effect from June 1.
“Ms Lee will continue to oversee the day-to-day operations, financial affairs and strategy development for Resorts World at Sentosa Pte,” said the parent company.
Ms Lee, who has been with the group since 2010, will also remain in her role as the chief financial officer of Genting Singapore, said the firm.
Results ‘within expectations’
Genting Singapore’s gaming revenue in the first quarter of 2025 was SGD437.5 million, down 24.0 percent year-on-year, but up 5.3 percent sequentially.
First-quarter non-gaming revenue was SGD188.5 million, a decline of 9.5 percent year-on-year, and down 5.7 percent from the fourth quarter of 2024.
First-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 37.3 percent year-on-year, to SGD230.5 million. Quarterly EBITDA was up 2.8 percent sequentially.
The casino firm said: “Compared to the same quarter last year, the result for the current quarter was affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.”
“The group’s performance was also weaker in comparison with the previous year where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024,” added Genting Singapore.
In a Thursday note, Maybank Investment Bank Bhd said Genting Singapore’s first-quarter 2025 earnings were “in line” with the institution’s expectations.
“VIP volume and mass market recovered meaningfully quarter-on-quarter,” noted analyst Samuel Yin Shao Yang.
According to the analyst, first-quarter 2025 VIP volume “recovered 26 percent quarter-on-quarter to SGD8.7 billion, as Resorts World Sentosa regained 5 percentage points of VIP volume share to 44 percent and first-quarter 2025 mass-market gross gaming revenue hit a post-Covid high of SGD414 million”.
“From third-quarter 2025, we expect operations to be stronger thanks largely to the opening of The Laurus hotel that will house more VIP and premium mass players,” added Mr Yin.
Genting Singapore said it will launch new attractions in the second half of 2025, as part of Resorts World Sentosa’s expansion, known as RWS 2.0.
The company’s board had approved a total investment of about SDG6.80 billion to upgrade and expand the casino complex.
Resorts World Sentosa is to launch the 183-room The Laurus hotel, part of The Luxury Collection Hotels & Resorts stable, in the third quarter of this year.
The group opened on February 14 a new themed zone, called “Illumination’s Minion Land”, at the Universal Studios Singapore theme park – the latter is one of Resorts World Sentosa’s main non-gaming attractions.
A revamped retail area, dubbed “WEAVE”, is scheduled to debut “in the second half of 2025”, according to the company, while the Singapore Oceanarium is set to launch in the third quarter of 2025.
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.
