Genting Singapore H1 2025 Results: Navigating Transformation and Resilience Amid Major Redevelopment

Genting Singapore Limited (“Genting Singapore”), operator of Resorts World Sentosa (RWS), released its interim financial results for the six months ended 30 June 2025. The company delivered robust earnings despite a significant transformation phase, including major asset refreshes, renovations, and phased closures as part of its RWS 2.0 plan. Below, we analyze the key financial metrics, compare performance against previous periods, and highlight notable developments and outlook.

Key Financial Metrics and Comparisons

*Note: H2 2024 figures are inferred based on full-year and H1 data, as quarterly breakdowns are not directly disclosed in the report.

Historical Performance and Trends

• Revenue: Declined 10% YoY to \$1,214.5 million, as the company faced both ongoing renovations and the absence of last year’s visa-driven demand. The second quarter, however, showed sequential growth with revenue up 3% QoQ, driven by higher VIP rolling volume and increased visitorship after the launch of Minion Land at Universal Studios Singapore.
• Net Profit: Dropped 34% YoY to \$234.7 million. The decline was due to lower gaming revenues, increased administrative and operating expenses, and the impact of brown-field construction-related disruptions.
• Adjusted EBITDA: Fell 26% YoY to \$423.7 million, with the second quarter Adjusted EBITDA at \$187.9 million (-7% YoY), reflecting the phased closure of S.E.A. Aquarium and higher operating costs.
• EPS: Both basic and diluted EPS were 1.94 Singapore cents per share, down 34% YoY.
• Dividends: The interim dividend was maintained at 2.0 cents per share, consistent with the previous year.

Exceptional Items and Notable Expenses

• Impairment of Trade Receivables: The Group recorded a net impairment of \$71.7 million on trade receivables, reflecting ongoing credit risk management for casino debtors.
• Increased Administrative and Operating Expenses: Administrative expenses rose 34% YoY due to higher staffing and transformation-related costs, including employee benefits and promotional activities.
• Significant Capital Commitments: Contracted capital expenditure for property, plant, and equipment stood at \$3.07 billion, reflecting the ongoing RWS 2.0 redevelopment, with a total investment commitment of approximately \$4.5 billion for the resort’s renewal and expansion.
• Asset Additions: Property, plant, and equipment acquisitions totaled \$310.7 million in H1 2025, a significant increase from \$186.2 million in the prior year, illustrating the scale of ongoing upgrades.
• Renewal of Casino License: The Gambling Regulatory Authority renewed the casino license effective 6 February 2025, resulting in an increase in intangible assets.

Dividends

• 2025 Interim Dividend: 2.0 Singapore cents per share, tax-exempt one-tier, payable on 17 September 2025. The record date is 28 August 2025.
• Comparison: No change from the interim dividend declared for H1 2024 and the final dividend for FY2024.

Strategic and Operational Updates

• Transformation and Asset Refresh: Major launches this year included Illumination’s Minion Land (Feb 2025), the Research & Learning Centre for the Singapore Oceanarium (May 2025), the debut of WEAVE lifestyle precinct (July 2025), and the upcoming Laurus all-suite hotel (October 2025). These are part of the RWS 2.0 multi-year transformation, targeted for completion by 2030.
• Temporary Closures: The S.E.A. Aquarium was temporarily closed in May and June 2025 for refurbishment and the opening of the Singapore Oceanarium, affecting Q2 performance.
• Sustainability Accolades: RWS earned Green Mark Zero Energy and Platinum certifications for new developments and maintained its Global Sustainable Tourism Council (GSTC) certification for the fifth year, underscoring its leadership in responsible tourism.

Related Party Transactions and Share Capital

• No material related party transactions (IPTs) above S\$100,000 were recorded in H1 2025.
• Share capital remained unchanged. The company continued its performance share scheme, reissuing 10.4 million treasury shares during the period. Treasury shares now represent 0.09% of issued shares, down from 0.18% a year prior.

Outlook and Management Commentary

The management highlighted the challenges and opportunities of executing large-scale transformation within an operating resort environment. While ongoing construction and phased closures may continue to impact operations and earnings in the near to medium term, the comprehensive asset refresh is expected to strongly position RWS as a premium, experience-driven destination upon full completion by 2030.

Notably, the company continues to focus on disciplined resource allocation, minimising disruption, and enhancing guest experiences, with a view to capturing future tourism growth and evolving consumer preferences. Sustainability remains a core pillar, with multiple certifications reinforcing RWS’s industry leadership.

Conclusion

Overall, Genting Singapore’s financial performance for H1 2025 appears resilient, though clearly impacted by major transformation-related disruptions and a normalizing post-pandemic tourism environment. While revenue and profit declined year-over-year, management’s disciplined cost control and continued dividend payout reflect confidence in long-term fundamentals. The significant capital investment and strategic asset refreshes position the company well for future growth, although near-term headwinds from ongoing construction and higher operating costs are likely to persist. Investors should monitor execution risks and the timing of the RWS 2.0 transformation, but the outlook, based on current disclosures, remains cautiously optimistic for medium- to long-term value creation.

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