Genting Singapore reported a 33 percent year-on-year decline in net profit for the financial year ended December 31st, 2025 (FY2025), as revenue slipped 3 percent, reflecting weaker gaming performance and costs linked to ongoing asset enhancement works at Resorts World Sentosa (RWS).
According to the company’s financial results released on Tuesday after trading hours, revenue for FY25 stood at SG$2.45 billion ($1.93 billion), down from SG$2.53 billion ($2 billion) in FY2024. Net profit attributable to shareholders fell to SG$390.3 million ($307.4 million), compared with SG$578.9 million ($455.8 million) a year earlier.
Adjusted EBITDA declined 15 percent year-on-year to SG$815.8 million ($642.4 million), reflecting ramp-up costs associated with new launches, operating expenses incurred during temporary closures, and ongoing infrastructure and technology upgrades.
Operating profit declined 30 percent to SG$506.6 million ($399.7 million), while profit before taxation fell by the same margin to SG$511.3 million ($402.6 million). Earnings per share dropped 33 percent to 3.23 Singapore cents, from 4.79 cents in FY2024.
Gaming weakness and cost pressures weigh on performance
The group said FY25 revenue ‘remained stable albeit with a slight decline of 3 percent year-on-year as gaming revenue was impacted by a lower win rate’, while non-gaming revenue improved in the second half as refreshed attractions and hospitality offerings boosted visitor engagement.
Net profit was also pressured by a 41 percent year-on-year decline in interest income to SG$81.7 million ($64.3 million), reflecting lower market interest rates. In addition, fair value losses on financial assets rose to SG$14.6 million ($11.5 million), compared with SG$1.7 million ($1.34 million) in the previous year.
Administrative expenses increased 19 percent to SG$244.2 million ($192.3 million), while selling and distribution expenses climbed 26 percent to SG$48.6 million ($38.3 million), further weighing on profitability.
Second-half recovery and strategic repositioning
Genting Singapore said operating momentum improved in the second half of 2025, supported by stronger non-gaming revenue as newly refreshed attractions and hospitality offerings were phased into operations.
Chairman and Acting Chief Executive Officer Lim Kok Thay described 2025 as “a defining transition year” marked by major asset refresh works at RWS, adding that the investments reflect the group’s long-term commitment to enhancing competitiveness and the guest experience. He said these investments form part of the group’s ongoing repositioning of RWS as an experience-based integrated resort destination.
Despite weaker earnings, Genting Singapore maintained a strong balance sheet, with total equity of SG$8.2 billion ($6.46 billion) and cash balances exceeding SG$3.2 billion ($2.52 billion) at year-end. The board proposed a final dividend of SG$0.02 ($0.016) per share, bringing total FY2025 dividends to SG$0.04 ($0.031), unchanged from 2024.
