Genting Singapore Profit Decline Highlights Tough 2025
Genting Singapore’s full-year 2025 results underscored a difficult year for Resorts World Sentosa, with net profit declining about one-third to roughly SGD390.3 million.
Key Takeaways:
- Profit declines by one-third amid rising costs and market share loss
- VIP gaming volume slides, impacting overall earnings
- Non-gaming strategies and diversification efforts show early gains
As reported by AGBrief, the company kept its total dividend at four Singapore cents per share and reported a strong balance sheet with more than SGD3.2 billion in cash, but brokers said the operational picture remains cloudy.
“Really, not good,” a Tuesday note from JP Morgan said, according to GGR Asia. This reflects concern over slipping market position and elevated bad-debt provisions that dented fourth-quarter performance.
Profit Decline Widens as Gaming Volumes Soften
Analysts flagged an alarming slide in gaming share, driven by weaker VIP volume and softer mass and slot results.
Maybank estimated VIP volume fell about 15% quarter-on-quarter to SGD7.4 billion as Resorts World Sentosa ceded share to Marina Bay Sands, and JP Morgan said luck-adjusted EBITDA hit a three-year low at SGD179 million.
Genting Singapore has also tightened oversight at RWS, recently appointing Tan Sri Lim Kok Thay as chairman of the resort’s board. Broker commentary emphasized that management’s framing of 2025 as a “year of reset” has yet to produce clear recovery in gaming metrics.
Diversification Efforts Cushion Impact of Earnings Slump
Non-gaming revenue improved late in the year as new offerings, including The Laurus Hotel, the Singapore Oceanarium and refreshed retail at WEAVE, helped offset some headwinds. The company continued investment under the RWS transformation plan and exploration of diversification, including potential opportunities in Thailand, per The Straits Times.
