The impressively strong performance of its Singapore rival Marina Bay Sands (MBS) bodes well for Genting Singapore and its decision to invest in hotel room enhancements at Resorts World Sentosa (RWS), according to Nomura analysts.
It also suggests that RWS could see some minor improvements when it releases its 2Q results next month, albeit still constrained by the fact that its transformation works are ongoing.
The comments, from Nomura’s Tushar Muhata and Alpa Aggarwal, come after MBS reported record revenues of US$1.39 billion in the June quarter, aided by a 47% year-on-year increase in rolling volume to US$8.9 billion – aided by the recent completion of its own hotel room offering.
“We think the strong high-end consumption at MBS bodes well for Genting Singapore’s own capex decision to upgrade hotel rooms to more premium offerings,” the analysts wrote. “With the Luxury Collection slated to open to the public at end-October, we see growth in 2H25 earnings for Genting Singapore.
“Performance is likely to improve also, in our view, as the refurbished Forum – now rebranded WEAVE – is also seeing tenants move in from July onwards, and should meaningfully contribute to earnings growth in 2H25/2026.”
In the short-term, Nomura expects 2Q25 to still be weak quarter-on-quarter at RWS due to seasonality and lower room supply, albeit slightly improved year-on-year.
VIP volumes, the analysts said, are likely to be above 2Q24’s level of SG$7.9 billion (US$6.2 billion) while win could be positive given the low 2.91% win rate in 2Q24.
Nomura has reiterated its “Buy” rating on Genting Singapore stocks.
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