Genting Singapore Profit Falls 34% as RWS 2.0 Investment Reshapes Earnings

Genting Singapore reported a 34% year-on-year decline in net profit to SG$156.1 million for the first half of 2026, even as revenue remained broadly stable at SG$1.20 billion.

The operator of Resorts World Sentosa (RWS) said the weaker bottom line was mainly due to higher depreciation, lower interest income and ongoing asset refresh works. Adjusted EBITDA declined 8% to SG$389.8 million.

Non-Gaming Provides Some Support

Gaming revenue fell 4% to SG$804.4 million, while non-gaming revenue increased 6% to SG$398.8 million, helped by refreshed attractions, hospitality and experiential offerings.

Hotel room revenue also improved, while recently opened or upgraded RWS attractions include Singapore Oceanarium, WEAVE, The Laurus and Minion Land.

The company nevertheless maintained its interim dividend at SG$0.02 per share and held around SG$2.9 billion in cash and cash equivalents at the end of June.

Lim Kok Thay: “RWS Has Entered a New Chapter”

Genting Singapore Chairman and Acting CEO Lim Kok Thay said the resort is entering a new phase of development.

“RWS has entered a new chapter.”

He added that the company now has a clear transformation roadmap aimed at creating a more dynamic resort while delivering long-term shareholder value.

RWS 2.0 remains scheduled for completion in 2030, with further upgrades planned for Hotel Michael, Crockfords Tower, casino areas, dining outlets and other guest-facing facilities.

Insight

The 34% profit decline looks significant, but the underlying story is partly about investment rather than collapsing demand.

Higher depreciation is a natural consequence of bringing major new assets online, while the growth in non-gaming revenue suggests Genting Singapore is gradually broadening RWS beyond its casino business.

The key question will be whether the billions being invested into RWS 2.0 can eventually generate enough incremental visitation, room revenue, attractions spending and gaming activity to justify the higher cost base.

For now, Genting Singapore appears to be accepting near-term pressure on profitability in exchange for positioning RWS for its next decade of growth.