Third-quarter results for casino operator Genting Singapore Ltd “were in line” with expectations, said Maybank Research Pte Ltd in a Friday note. “More poignantly, they were a meaningful recovery from the second quarter of 2025 trough, which was negatively impacted by RWS 2.0 construction works and closure of certain attractions,” wrote analyst Samuel Yin Shao Yang.
Genting Singapore reported on Thursday revenue of SGD649.8 million (US$497.9 million) for the three months to September 30, up 15.6 percent from the prior-year period. The company posted a third-quarter net profit of SGD94.6 million, 19.2-percent higher than a year earlier.
The firm runs the Resorts World Sentosa (RWS) complex (pictured), one of Singapore’s two casino resorts. The company has earmarked about SDG6.80 billion to upgrade and expand the property, as part of what is known as RWS 2.0.
Maybank Research Pte Ltd said in its Friday memo that Genting Singapore’s third-quarter “core net profit of SGD113.2 million – plus 25 percent year-on-year, plus 15 percent quarter-on-quarter – brought nine-month 2025 core net profit to SGD361.8 million … or 72 percent of our financial-year estimate”.
Earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the first nine months of 2025 of SGD646.4 million “was also in line with our expectations,” stated Mr Yin.
The casino firm said in Thursday’s filing that the opening of the Singapore Oceanarium and the launch of a revamped retail area dubbed “WEAVE”, during the month of July, gave “new vibrancy” to Resorts World Sentosa, “attracting higher footfall and strengthening non-gaming revenue”.
Maybank said that going into fourth-quarter 2025, it expects “gaming operations to improve and moderate any seasonal weakness in non-gaming revenue thanks to the reopening” of a hotel now known as The Laurus Hotel, and “the appointment of a new chief operating officer”.
In October, outside the reporting period, Genting Singapore opened The Laurus hotel, part of The Luxury Collection Hotels & Resorts portfolio, at Resorts World Sentosa.
The casino operator announced a fortnight ago the appointment of veteran casino executive Chen Si as chief operating officer at its business unit Resorts World at Sentosa Pte Ltd. The appointment takes effect from December 1.
Banking group Nomura saw “ramp up” in Genting Singapore’s earnings in the three months to September 30, but said “further recovery [is] expected in the fourth quarter of 2025 and in 2026”.
The casino firm’s “total revenue was up 10 percent quarter-on-quarter to SGD650 million in third-quarter 2025 mainly due to non-gaming revenue, plus 37 percent quarter-on-quarter, while gaming revenue was flat” sequentially, stated analysts Tushar Mohata and Alpa Aggarwal.
“The pickup in non-gaming revenue was due to: higher hotel occupancy … which was driven a number of events hosted by Genting Singapore; and higher visitation at the Oceanarium,” they added.
The casino operator recorded gaming revenue of nearly SGD402.3 million in the July to September period, a 21.9-percent increase from a year ago.
Nomura estimates Resorts World Sentosa’s gross gaming revenue (GGR) share in the Singapore market at “28 percent” in the third quarter this year, with mass accounting for circa 59 percent of the company’s GGR.
