Genting Singapore, the operator behind Resorts World Sentosa, reported a sharp 34 percent year-on-year decline in net profit for the first half of 2025, bringing earnings down to SGD 234.7 million (approximately USD 173.7 million). Overall revenue dropped 10 percent YoY to SGD 1.21 billion (around USD 888 million), driven by a slump in both gaming and room revenues. Gaming income fell 12 percent to SGD 839.4 million, while room revenue decreased by 19 percent to SGD 98.4 million.

The company attributed these declines largely to the absence of last year’s visa-driven tourism demand, which had significantly boosted visitor numbers and spending in early 2024.

Glimmers of Recovery in Q2

Despite the lackluster half-year performance, the second quarter revealed some encouraging signs: quarterly revenue edged up 3 percent QoQ to SGD 588.3 million, fueled by stronger VIP rolling volumes and win rates, as well as increased attendance at Universal Studios Singapore—especially following the debut of Illumination’s Minion Land.

However, Genting's adjusted EBITDA for Q2 stood at SGD 187.9 million, reflecting a 7 percent YoY drop, largely due to elevated operating costs and the temporary closure of the S.E.A. Aquarium to facilitate the opening of the new Singapore Oceanarium.

Transformation and Forward Momentum

Genting Singapore remains steadfast in its RWS 2.0 transformation, with substantial capital investment continuing apace. The company’s board has greenlit SGD 6.8 billion of upgrades and expansion across the precinct, including the upcoming launch of The Laurus all-suite hotel in October, and the phased opening of the Singapore Oceanarium and WEAVE lifestyle precinct.

Meanwhile, a notable SGD 71.7 million impairment on trade receivables underscores ongoing credit risk management in the casino business. Yet despite these transformational upheavals, Genting Singapore maintained fiscal discipline, sustaining its interim dividend of SGD 0.02 per share, with a payable date of September 17, 2025 and a record date of August 28, 2025.

What to Watch: Sustainable Recovery or Structural Drag?

With international tourist arrivals expected to rebound—projected by the Singapore Tourism Board to reach 17 to 18.5 million in 2025, buoyed by new attractions and events—Genting Singapore appears positioned for a stronger second half. Its expansion bets signal confidence that the market will shift from correction to recovery.