Genting Singapore reported a decline in its gaming revenue for the second quarter of 2025, with an 8.1% quarter-on-quarter drop, largely due to renovation works at Resorts World Sentosa (RWS) affecting visitor numbers. The company’s adjusted EBITDA for the quarter stood at $137.5 million (S$187.9 million), marking a 6.6% year-on-year decrease and a 20.3% drop from the previous quarter, missing both company and Bloomberg consensus estimates.
The decline in gaming revenue contrasts with the 24.6% growth seen by competitor Marina Bay Sands, suggesting a loss in market share for Genting Singapore, particularly in the mass gaming segment. The renovations at RWS are believed to have deterred visitors, impacting footfall and revenue.
Staff costs have also risen by 17.4% year-on-year to $214.0 million (S$292.7 million) in the first half of 2025, as the company increased its workforce to support new attractions such as Minion Land and the Singapore Oceanarium. Despite these challenges, management remains optimistic about the potential for these attractions to boost visitor numbers and spending in the future.
Genting Singapore has adjusted its financial forecasts, reducing its FY25-FY27 adjusted EBITDA by 7.3-9.5% and net profit by 5.1-13.0%, reflecting a cautious outlook. The target price for the company’s shares has been lowered to $0.61 (S$0.835), with expectations of profitability recovery in FY26 following the full opening of RWS 1.5 attractions. However, risks remain, including potential sluggishness in the tourism industry and lower-than-expected visitor spending.
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