Genting Singapore’s third-quarter 2025 results reflected a ‘meaningful recovery’ from the previous quarter’s trough, with stronger mass market and non-gaming performance at its Resorts World Sentosa (RWS) property, according to Maybank Investment Bank analyst Samuel Yin Shao Yang.
The bank maintained its ‘Buy’ call on the company with a DCF-based target price of SG$1.00 ($0.73), implying a 42 percent upside from the current share price of SG$0.73 ($0.54).
Genting Singapore posted a core net profit of SG$113.2 million ($82.4 million) for the quarter ended September 2025, up 25 percent year-on-year and 15 percent quarter-on-quarter.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 35.9 percent year-on-year to SG$222.7 million ($162.3 million), bringing the nine-month total to SG$646.4 million ($471.7 million), which was in line with Maybank’s full-year forecast.
The improvement follows a weak second quarter, when RWS operations were affected by the ongoing SG$6.8 billion ($5.3 billion) RWS 2.0 expansion works and the temporary closure of key attractions such as the S.E.A. Aquarium.
Stronger mass and non-gaming segments
Maybank highlighted that the reopening of the Singapore Oceanarium and the WEAVE mall in July spurred a rebound in mass market gaming and non-gaming activities. RWS’s mass market gross gaming revenue rose approximately 5 percent quarter-on-quarter, while non-gaming revenue jumped 33 percent quarter-on-quarter and 7 percent year-on-year.
Meanwhile, VIP volume eased 5 percent to SG$8.8 billion ($6.8 billion), mainly due to higher direct rebate rates and promotional allowances offered by competitor Marina Bay Sands, which ‘would have compressed their theoretical EBITDA margins,’ Yin noted.
Laurus Hotel reopening and new COO to support 4Q25
Moving into the fourth quarter, Maybank expects Genting Singapore’s performance to further improve, supported by the gradual reopening of the 183-suite Laurus Hotel from October 1st and the appointment of a new Chief Operating Officer, effective December 1st.
Resorts World Sentosa has announced that Chen Si will assume the COO role, joining from INSPIRE Entertainment Resort in South Korea’s Incheon, where he currently serves as Chief Executive Officer. Si is set to depart INSPIRE in November to take up his new post in Singapore. He will be succeeded as CEO of INSPIRE by Gyumbum Ko, a businessman with senior leadership experience across multinational companies in South Korea, the United States, China, the United Kingdom, the United Arab Emirates, and Australia.
Maybank said these management and property developments are expected to attract more premium mass visitors and help “moderate any seasonal weakness in non-gaming revenue” during the year-end period.
Maybank maintained its earnings estimates and reiterated confidence in the operator’s resilience during the ongoing RWS 2.0 redevelopment phase. ‘We believe the company is pulling itself out of the 2Q25 trough,’ Yin wrote, adding that operational recovery and the strong balance sheet—holding net cash of SG$3.0 billion ($2.3 billion)—support its positive outlook.
Genting Singapore owns and operates Resorts World Sentosa, one of Singapore’s two integrated resorts. The company reported a market capitalization of about SG$8.8 billion ($6.8 billion) and remains in a net cash position. Its stock has declined 14 percent over the past year but gained 1 percent in the past month.
