Genting Singapore is poised for a promising second half of 2025 as it prepares to unveil new attractions at Resorts World Sentosa (RWS). The company anticipates that the opening of the Singapore Oceanarium and The Laurus Hotel in the third quarter will drive earnings growth, despite a potential dip in second-quarter performance due to seasonal factors and ongoing developments.
During a recent visit to Universal Studios Singapore (USS), a key attraction at RWS, a significant number of tourists were observed, primarily from North Asia and Southeast Asia. This influx is expected to continue as new attractions open, although the newly launched retail space, Weave, has yet to see full tenant occupancy. Currently, less than half of its tenants, mainly food and beverage outlets, have commenced operations.
Genting Singapore maintains its “Add” rating with a target price of $0.77 (S$1.05), based on an 8x FY26F EV/EBITDA valuation. The company is optimistic about the second half of the year, expecting stronger profitability as new attractions draw more visitors. However, the company acknowledges potential risks, including delays in opening new attractions and a sluggish tourism industry.
The company has implemented measures to increase visitor engagement at USS, such as reintroducing a season pass for unlimited visits over six months. These efforts aim to enhance visitor spending on merchandise and food within the park.
As Genting Singapore looks forward to the latter half of 2025, the successful launch and popularity of its new attractions could significantly impact its financial performance and the broader tourism landscape in Singapore.
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