Genting Singapore reported a 3% year-on-year increase but a 6% sequential decline in group-wide revenue to SG$588.3 million (US$458 million) in 2Q25, with performance subdued due to ongoing renovation and expansion works at Resorts World Sentosa.
While the company pointed to improved VIP rolling volume and higher win rate in the second quarter versus Q1, gaming revenue fell 8% quarter-on-quarter to SG$401.9 million (US$313 million) – resulting in a 7% sequential decline in Adjusted EBITDA to SG$235.8 million (US$184 million).
Non-gaming revenue was down 1% compared with Q1 to SG$186.2 million (US$145 million), although Genting Singapore said it had enjoyed increased visitation to Universal Studios Singapore following the launch of Illumination’s Minion Land in February 2025.
For the first six months of 2025 combined, gaming revenues are down 12% year-on-year to SG$839.4 million (US$654 million) and non-gaming revenues by 6% to SG$374.7 million (US$292 million). Adjusted EBITDA is down 26% to SG$423.7 million (US$330 million).
In comments accompanying its 2Q25 results, Genting Singapore described the “unavoidable RWS 2.0 transformation-related disruptions” but said it had made significant progress in key redevelopment and enhancement initiatives, including extensive property renovation, strategic asset refreshment and infrastructure upgrades designed to elevate the resort as a premium lifestyle and tourism destination.
These, it noted, have included the launch of Illumination’s Minion Land at Universal Studios Singapore in February, the opening of the Singapore Oceanarium in July and the debut of the new lifestyle precinct WEAVE in the same month. The Laurus – described as Singapore’s first The Luxury Collection-branded all-suite hotel – is set to launch in October 2025.
“As RWS 2.0 progresses, the Group anticipates impacts from ongoing brown-field construction and phased closures – an integral part of executing a large-scale transformation within an operating resort environment,” the company said. “Management remains focused on disciplined resource allocation and minimizing disruption to existing operations.
“Upon full completion by 2030, RWS will offer an expanded suite of attractions, family-friendly experiences, refreshed hospitality and distinctive lifestyle offerings – strengthening the Group’s position as an integrated lifestyle precinct that appeals to a new generation of experience-driven travellers and modern families seeking to create lasting memories through immersive experiences and enriching activities.”
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