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Genting Singapore reported a 42.2% year-on-year decline in third-quarter net profit as softer premium gaming activity and an unfavorable rolling win rate affected Resorts World Sentosa.
Net profit for the three months ended September 30 fell to S54.7 million from S94.6 million a year earlier. It was also 39.8% lower than the S$90.9 million recorded in the previous quarter.
Revenue declined 12.9% year-on-year to S566.1 million from S649.8 million and was 5% below the second-quarter result of S$596 million.
Gaming accounted for most of the weakness. Resorts World Sentosa generated just under S315 million in gaming revenue, down 21.7% from S402.3 million a year earlier and 21.4% sequentially.
The company attributed the result to “softer premium gaming activity” at Resorts World Sentosa, “consistent with a trend observed in regional key markets”.
It added: “An unfavourable rolling win rate in September further impacted revenue.”
Gaming Performance Pulls Down Earnings
Adjusted EBITDA fell 27.4% to S161.8 million from S222.7 million in Q3 2025.
Genting Singapore said adjusted EBITDA would have been approximately S$36 million higher on a normalized rolling hold basis, highlighting the impact of September’s win rate.
Reported EBITDA declined 22.8% to S157.7 million from S204.2 million.
Net interest income also fell, dropping 37.3% to S11.3 million from S17.9 million. Tax expenses decreased to S21.3 million from S31.5 million.
Net other expenses narrowed to S4.1 million from S18.5 million. The prior-year period included a S$13.8 million fair value loss on financial assets.
Shares of Genting Singapore closed at S0.61 on Thursday, down S0.005 or 0.8%, before the quarterly results were released.
Non-Gaming Revenue Remains Stable
Non-gaming revenue performed more steadily, rising 1.5% year-on-year to S$250.9 million despite reduced hotel room inventory.
The lower room availability reflects renovation work at Resorts World Sentosa as the company continues upgrading the property.
“RWS is entering the next phase of its renewal, including the upgrading and repositioning of its hotel portfolio, as well as enhancements to its gaming areas, lounges, dining and guest spaces,” the company explained, as reported by Inside Asian Gaming. “These works will temporarily constrain operating capacity through 2027. These investments, taken together, will strengthen RWS’ hospitality offering, broaden its appeal and create a more integrated destination proposition for the future.”
Genting Singapore is also progressing with the S$6.8 billion RWS 2.0 expansion. Plans include two new luxury hotels with 700 rooms and additional Universal Studios Singapore attractions, along with new retail, dining and waterfront facilities. New elements are scheduled to open progressively through 2030.
S&P Global Ratings said in September that it expected earnings to remain soft for several quarters as renovation work continues, followed by gradual improvement as facilities reopen.
Fitch Ratings separately forecast flat gaming revenue for Genting Singapore in 2026 while hotel and casino areas undergo upgrades.
RWS Looks to Final Quarter Demand
Management said it continues to strengthen its premium customer strategy through business development and marketing while using new openings and programming at WEAVE to support activity.
“The Group is focused on capturing year-end travel and festive demand as RWS enters the final quarter of 2026. Alongside these near-term priorities, the Group continues to advance its resort-wide renewal, reinforcing RWS’ position as an integrated destination and laying the foundation for long-term growth and competitiveness.”
The third-quarter figures show a clear contrast between the two main parts of Resorts World Sentosa’s business. Gaming revenue recorded a substantial decline, while non-gaming operations remained close to last year’s level despite reduced hotel capacity.
Renovation work will continue to limit operating capacity through 2027, leaving Genting Singapore to balance the near-term disruption with its broader redevelopment program as RWS 2.0 progresses.
