Investment bank JP Morgan on Friday whacked Singapore’s Resorts World Sentosa (RWS) for what he described as a “strikingly large” gap in market share and profit share in the three months to 30 June 2025. It also noted that the property’s market-share had fallen to an all-time low of 28%, dropping below 30% for the first time ever.
The commentary followed release late Thursday of RWS’s Q2 financial results by operator Genting Singapore, which included an 8% quarter-on-quarter decline in gaming revenues to SG$401.9 million (US$313 million) and a 7% decline in Adjusted EBITDA to SG$235.8 million (US$184 million).
The lower results come with a caveat – RWS is currently undergoing extensive renovations to its existing amenities and is in the midst of its US$5 billion expansion project, while local rival Marina Bay Sands (MBS) exacerbated the contrast by printing record numbers – but JP Morgan analysts DS Kim, Sigrid Qiu and Selina Li remain unimpressed.
“Even on a hold-adjusted basis, RWS’s market share was at an all-time low of 31% [in Q2],” they wrote. “While some of its weakness can be attributed to the disruptions from non-gaming renovation, it’s surprisingly low if one considers Singapore is supposed to be a ‘duopoly’ market with the similar level of investments and scale.
“Actually, MBS generated SG$1.0 billion (US$778 million) EBITDA in 2Q25 alone, which is about as much as what Genting Singapore could generate in FY25. “The gap – 87% vs 13% profit share – is strikingly large.”
JP Morgan added that it doesn’t expect to see meaningful improvement in results until 2026, when the impact of the recently opened Singapore Oceanarium, revamped retail area WEAVE and soon-to open Laurus all-suite hotel can be realized.
Maybank’s Samuel Yin Shao Yang was more positive on Genting Singapore’s prospects, noting, “The opening of the Laurus Hotel will enable Genting Singapore to house more VIPs and premium mass gamblers and hopefully regain market share – especially in the mass market – which hit a new low of 25% in 2Q25.
“We are also hopeful that the new management team led by Lee Shi Ruh, the former Chief Financial Officer, will be successful in regaining market share lost over the years.”
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