The opening of new attractions at Singapore’s Resorts World Sentosa in recent months has seen Genting Singapore report improved results in 3Q25, with total revenue up 16% year-on-year and 10% quarter-on-quarter to SG$649.8 million (US$498 million).
The result included a 22% year-on-year increase in gaming revenue to SG$402.3 million (US$308 million), albeit basically flat sequentially, while non-gaming revenue was up 7% year-on-year and 33% sequentially to SG$247.3 million (US$190 million).
Adjusted EBITDA of SG$222.7 million (US$171 million) was 36% higher year-on-year and 19% higher quarter-on-quarter while net income also grew to SG$94.6 million (US$72.5 million).
In a note, Nomura analysts Tushar Mohata and Alpa Aggarwal said that, despite the improvements, Genting Singapore’s 3Q25 results still came in below expectations and with Singapore market share remaining low at 28%.
Noting that the company made more gains in the quarter via non-gaming than in the gaming segment, Nomura pointed to higher hotel occupancy due to more events and higher visitation at the recently opened Oceanarium.
“A number of attractions have opened so far in 2025, including Minion Land in February 2025, a research and learning centre in May 2025, The Weave [retail mall] in July 2025with outlets opening up progressively (current tenant occupancy ~60% which management expects to reach to 80% by end-2025) and Oceanarium in late July 2025,” the investment bank said.
“The 180 key all-suite luxury hotel, The Laurus, a Luxury Collection Resort by Marriott, was launched on 1 October 2025 and its contribution will be evident in 4Q25. However, the works are still ongoing at The Laurus and all rooms are still not available with some common facilities also not open.
“However, management mentioned that it is already seeing overseas guests at the hotel. We therefore expect a further recovery in 4Q25 and more in 2026 once the new attractions opened reach steady-state.”
Nomura said it is reducing its FY25 earnings forecast or Genting Singapore by 8% due to the lower gaming revenue expectation.
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