Resorts World Sentosa operator Genting Singapore reported a 34 percent year-on-year decline in net profit for the first half of 2025, falling to SG$234.7 million ($173.7 million), as the company faced lower tourist demand in the absence of visa-driven momentum seen last year.
Total revenue for the six-month period fell by 10 percent yearly to SG$1.2 billion ($888 million), according to a regulatory filing on Thursday.
Besides the absence of the visa-driven momentum, the decline was largely attributed to a 12 percent drop in gaming revenue to SG$839.4 million ($620.2 million) and a 19 percent fall in room revenue to SG$98.4 million ($72.8 million).
Earnings per share declined to SG$0.0194, down from SG$0.0296 in the same period of the previous year. Genting Singapore declared an interim dividend of SG$0.02 ($0.015) per share for the half-year, unchanged from the year before. The dividend is scheduled for payment on September 17th.
Despite the overall year-on-year decline in the first half, the group noted a 3 percent revenue increase in the second quarter, reaching SG$588.3 million ($435.3 million). This was supported by stronger VIP rolling volume and win rates, as well as a rise in visitor numbers to Universal Studios Singapore, following the February 2025 launch of Illumination’s Minion Land.
Adjusted EBITDA for the second quarter stood at SG$187.9 million ($139 million), down 7 percent from the previous year. The drop was primarily due to higher operating costs and the temporary closure of the S.E.A. Aquarium in May and June to prepare for the opening of the new Singapore Oceanarium.
The group noted it is navigating a “transformation phase” with steady growth in the second quarter, despite disruptions tied to the ongoing Resorts World Sentosa (RWS) 2.0 redevelopment. Genting highlighted continued progress in its upgrade efforts, including large-scale property renovations, asset refreshes, and infrastructure improvements aimed at repositioning RWS as a premium lifestyle and tourism destination.
