Marina Bay Sands performance "historically outstanding" Sentosa Resorts World expected to recover lost ground | Lianhe Zaobao

Marina Bay Sands delivered "the best quarterly performance ever" in its latest results, while its competitor Resorts World Sentosa was affected by asset enhancement projects. Analysts generally believe that as the renovation projects are completed, coupled with new leadership potentially introducing new initiatives to reshape competitiveness, the gap between Sentosa and Sands is expected to narrow. Genting Singapore, which operates Resorts World Sentosa, released last year's performance last month. For the fiscal year 2025, adjusted EBITDA fell 15% year-on-year to SGD 815.8 million; revenue decreased by 3% to SGD 2.452 billion. As for Marina Bay Sands, its adjusted EBITDA for the entire year rose 42% year-on-year to USD 2.922 billion (approximately SGD 3.7 billion). Revenue increased by 32% year-on-year to USD 5.590 billion. Marina Bay Sands achieved record performance, with a significant year-on-year increase in VIP gaming volume, and hotel occupancy rates maintained at a high level of around 95%, indicating strong demand from high-end travelers. Genting Singapore's Gaming Market Share Significantly Shrinks Morningstar senior equity analyst Song Xiaowei stated in an interview with Lianhe Zaobao that the revenue performance of Resorts World is lagging mainly due to a decline in VIP win rates and the impact of renovation projects on operations. Although the updated attractions, including the Singapore Oceanarium, lifestyle mall WEAVE, and Laurus Hotel, are driving foot traffic and boosting non-gaming revenue, this momentum has not yet reflected in gaming revenue. Song Xiaowei pointed out that Genting Singapore's total gaming revenue market share was about 40% before the pandemic, but during the years-long renovation period, the share significantly shrank to about 25% in the fourth quarter of last year, a historical low. Further Reading Genting's net profit fell 33% to SGD 39 million in 2025 Marina Bay Sands' casino business performs well, driving net revenue up 56% "We expect Genting Singapore to regain some market share, but it still faces considerable challenges in returning to the 40% level. Compared to Marina Bay Sands, Genting Singapore has significant room for improvement in investment and capital allocation strategies, execution, and operational efficiency." DBS Group research analyst Chih Cheng-feng noted in a report that although Genting Singapore's gaming business performance for the fiscal year 2025 is disappointing, with major attractions essentially resuming operations, performance is expected to improve in the fiscal year 2026. He said, "We believe management is reviewing operational conditions and will push various initiatives to enhance the competitiveness of Resorts World Sentosa and reclaim market share from Marina Bay Sands." If Genting Singapore wishes to narrow the gap with Sands, Song Xiaowei suggested three major measures, including strengthening project management to reduce future engineering disruptions to operations, optimizing reinvestment and product strategies, and adopting more proactive strategies in marketing and service quality to attract high-value customer segments. She predicts that Genting Singapore's revenue for the fiscal year 2026 will reach SGD 2.635 billion, a year-on-year increase of 7.5%. Marina Bay Sands' revenue is expected to grow by 2.1% to USD 5.705 billion. Analysts from OCBC Group Research believe that with the recovery of the tourism industry in our country, the visa-free policy between Singapore and China, and the normalization of flight operations and ticket prices, Genting Singapore is expected to attract more visitors. Therefore, analysts have given Genting Singapore a "Buy" rating, but the fair price has been lowered from SGD 0.96 to SGD 0.87