Genting Singapore Ltd’s Resorts World Sentosa (RWS) gaming complex in the city-state saw its market share in terms of earnings before interest, taxation, depreciation and amortisation (EBITDA) fall below 30 percent during the second quarter, said banking group JP Morgan.
The brokerage observed that it was “the first time on record” for Genting Singapore’s share to be below 30 percent, since the opening of casino resorts in the city-state in 2010. Resorts World Sentosa is one of Singapore’s two casino resorts, the other being Marina Bay Sands, promoted by a unit of Las Vegas Sands Corp.
Such second-quarter 2025 EBITDA share for Resorts World Sentosa was “28 percent, versus 33 percent in the first quarter, or pre-Covid levels of circa 40 percent,” wrote analysts DS Kim, Sigrid Qiu and Selina Li in a Friday note.
JP Morgan observed that while some of Resorts World Sentosa’s second-quarter “weakness” could be “attributed to the disruptions from non-gaming renovation, etc, it’s surprisingly low if one considers Singapore is supposed to be a ‘duopoly’ market with the similar level of investments and scale.”
The memo followed Genting Singapore’s second-quarter results issued on Thursday, which saw profits down 34 percent year-on-year, on revenue that dipped 10 percent.
JP Morgan’s note observed of Genting Singapore’s trading in the three months to June 30: “Even on a hold-adjusted basis its market share was at an all-time low of 31 percent.”
Maybank Research Pte Ltd said in its Friday note that Resorts World Sentosa had been experiencing “growing pains” relating to work linked to its “RWS 2.0” expansion project, but the institution was “hopeful for a new start” in terms of the venue’s business performance.
“Earnings missed our expectations largely due to RWS 2.0-related construction works. Yet, we expect this to be transient,” wrote Maybank analyst Samuel Yin Shao Yang.
The analyst also referred to a management rejig for the complex, announced on August 1.
“We are hopeful that the new management team led by Lee Shi Ruh, the former chief financial officer, will be successful in regaining market share lost over the years,” wrote Mr Yin.
Maybank forecasts Genting Singapore’s 2026 EBITDA “to recover by 14 percent” year-on-year to SGD969.8 million (US$755.5 million), from a forecast SGD850.5 million this year, “as the RWS2.0 related disruptions moderate”.
Revising estimates
Morgan Stanley Asia Ltd said in its Thursday note that the casino firm’s second-quarter EBITDA “missed expectations”.
“Mass-market share of 26 percent in a duopoly, and weak margin structure suggest deeper competitive issue, which could take longer to solve,” wrote analysts Praveen Choudhary, Anson Lee, and Stephen Grambling.
The institution said it was cutting its estimates for Genting Singapore, reducing the EBITDA estimate for 2025 by 4.5 percent, to about SGD950 million. It stated that the decision reflected “softer expectations across both gaming and non-gaming earnings”.
In terms of changes taking place at the Resorts World Sentosa site, 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.
JP Morgan stated: “We think these projects can collectively help Genting Singapore regain share to a degree, but the ramp-up will likely kick-in into full-year 2026.”
Maybank’s Mr Yin observed: “The opening of The Laurus hotel will enable Genting Singapore to house more VIPs and premium mass gamblers and hopefully, regain market share especially in the mass market which hit a new low of 25 percent in second-quarter 2025,” compared to first quarter’s 28 percent.
