Revenue down three per cent, profit down 33 per cent at Genting’s Resorts World Sentosa
Genting Singapore saw its market share slump to its lowest ever total as revenue fell three per cent and profit declined by 33 per cent in its full-year 2025 financials, in what JP Morgan said was a ‘letdown across the board.’
The group, which operates the Resorts World Sentosa casino, and shares the Singapore market with Marina Bay Sands, saw its revenue fall to $2,452.1m with Adjusted EBITDA of $815.8m for FY2025.
JP Morgan Analysts DS Kim, Selina Li and Lindsey Qian said: “Management keeps emphasising 2025 as ‘a year of reset’ and talks of ‘strengthening the leadership bench,’ while bad debt provisions ran unusually high at SGD55 million to SGD60m in the fourth quarter (versus SGD30m to SGD40m in recent quarters). But results like these don’t inspire confidence.”
“Non-gaming revenues continue to rebound. This momentum should extend into 2026 … at least through first half of 2026, as additional amenities and retail tenants come online. Over time, this could help Genting Singapore recapture some gaming share from Marina Bay Sands – though tangible evidence of that remains elusive, at least thus far,” they added. “Fourth quarter 2025 VIP volume fell circa 15 per cent quarter-on-quarter to SGD7.4bn, as Resorts World Sentosa ceded 15 percentage points of VIP volume share to Marina Bay Sands. Market share keeps slipping for both VIP and mass/slot, driving down its total luck-adjusted GGR share to a record low of 25 per cent. The gap with Marine Bay Sands keeps widening.”
Genting said that FY2025 results reflected the ‘impact of asset enhancement works at Resorts World Sentosa and the gradual improvement in operating momentum as refreshed offerings across the resort were phased into operations.’
Genting said: “The Group’s revenue remained stable albeit with a slight decline of three per cent year-on-year as gaming revenue was impacted by a lower win rate. Non-gaming revenue strengthened in the second half of the year as newly refreshed attractions and hospitality offerings enhanced guest engagement and lifted overall resort activity.
“The Group’s Adjusted EBITDA declined 15 per cent year-on-year, reflecting ramp-up costs associated with new launches, operating costs incurred during temporary closures, and ongoing infrastructure upgrades and technology system enhancements.”
“Net profit was further impacted by lower interest income arising mainly from the decline in prevailing market interest rates, as well as fair value loss on portfolio investments recognised during the year.
As at 31 December 2025, the Group maintained a strong balance sheet, with total equity of $8.2 billion and cash balances in excess of $3.2 billion.”
FY2025 marked an important transition year as the Group progressed a significant phase of its asset refresh programme at RWS while maintaining operations in a live environment. These investments form part of the Group’s ongoing repositioning of RWS as an experience-based integrated resort destination.
Chairman and Acting Chief Executive Officer of the Company, Tan Sri Lim Kok Thay said, “2025 was a defining transition year as we advanced a major phase of our asset refresh at RWS. These investments reflect our long-term commitment to enhancing our competitiveness and elevating the guest experience. We have also reinforced our management bench with several key appointments, adding depth and energy at a pivotal stage of transformation. While the team is newly formed and will progressively build collective rhythm, I am confident in its ability to execute with discipline and realise the full potential of RWS 2.0.”
Nomura’s Tushar Mohata and Alpa Aggarwal were a little more forgiving, stating, “While FY25 performance has disappointed, in hindsight, we were perhaps too optimistic about the pace of ramp-up from new facilities in 2025. Furthermore, new management has used FY25 to front-load the earnings hit from trade receivables review (higher impairments in 4Q25), investment portfolio fair value losses and promotional expenses/rental discounts related to new facilities, which should taper off in FY26F, making us more confident about the FY26F recovery.”
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Revenue down three per cent, profit down 33 per cent at Genting’s Resorts World Sentosa Genting Singapore saw its market share slump to its lowest ever total as revenue fell three per cent and profit declined by 33 per cent in its full-year 2025 financials, in what JP Morgan said was a ‘letdown across the…
The post Genting sees its share of the Singapore market slip to an all-time low appeared first on G3 Newswire.