Genting Singapore, the owner and operator of Resorts World Sentosa (RWS), reported a 34 percent year-on-year decline in net profit for the first half of 2026, despite broadly stable revenue.
Net profit fell to SG$156.1 million ($122 million) in the six months ended June 30th, from SG$234.7 million ($183 million) a year earlier.
The company attributed the decline mainly to higher depreciation, lower interest income and asset refresh works. Depreciation and amortization increased 25 percent to SG$200.6 million ($156 million), while interest income fell 55 percent to SG$22.8 million ($17.8 million).
Group revenue edged down 1 percent to SG$1.20 billion ($939 million), while adjusted EBITDA declined 8 percent to SG$389.8 million ($304 million).
Gaming revenue fell 4 percent to SG$804.4 million ($627 million). Non-gaming revenue rose 6 percent to SG$398.8 million ($311 million), partly offsetting the gaming decline.
Genting Singapore said its first-half performance was affected by a ‘softer operating environment,’ including seasonally weaker demand in the second quarter, moderating tourism arrivals and more measured consumer spending.
The company also cited geopolitical uncertainty, higher travel costs and softer tourism demand as continuing challenges.
The board declared an interim dividend of SG$0.02 per ordinary share, unchanged from the corresponding period of 2025. The tax-exempt dividend will be paid on September 22nd.
New assets deliver modest revenue gains
The financial statements showed that attractions revenue reached SG$208.1 million ($162 million) during the first half, compared with SG$204.7 million ($160 million) in the same period of 2025.
Hotel room revenue increased to SG$107.3 million ($83.7 million) from SG$98.4 million ($76.8 million), while other non-gaming revenue rose to SG$73.1 million ($57.0 million) from SG$65.3 million ($50.9 million).
The latest reporting period followed the openings of several RWS 2.0 assets, including Singapore Oceanarium, lifestyle destination WEAVE and luxury hotel The Laurus.
Illumination’s Minion Land and the refurbished Resorts World Convention Center were also among the new and refreshed offerings highlighted by the company.
While these additions supported non-gaming revenue growth, attractions revenue recorded only a modest increase from the corresponding period. Adjusted EBITDA from the Singapore integrated resort declined 11 percent to SG$399.5 million ($312 million), from SG$446.8 million ($349 million).
Performance improved during the second quarter, however. RWS recorded adjusted EBITDA of SG$210.8 million ($164 million), up 12 percent year-on-year and 18 percent sequentially.
Genting Singapore said the improvement was supported by new offerings and operational resilience, despite the softer operating environment.
The company is planning further upgrades to Hotel Michael, Crockfords Tower, the casino, dining venues and major guest-facing areas. New and refreshed facilities are expected to be introduced progressively during 2027 and 2028.
“RWS has entered a new chapter,” Genting Singapore Chairman and Acting Chief Executive Officer Lim Kok Thay said. “With a new committed and energized leadership team and a clear transformation roadmap, we are now building a bold, dynamic and innovative resort.”
RWS 2.0 remains scheduled for completion in 2030, aligned with the Singapore government’s Greater Sentosa Master Plan.
