Genting Singapore 3Q profit down 42pct y-o-y as gaming revenue contracts

Casino operator Genting Singapore Ltd posted third-quarter profit after tax of SGD54.7 million (US$42.5 million), down 42.2 percent from the prior-year period. Profit decreased 39.8 percent as measured sequentially. Aggregate revenue for the three months to September 30, 2026 stood at about SGD566.1 million, down 12.9 percent from a year earlier, according to a Thursday announcement. Genting Singapore is the operator of Resorts World Sentosa (pictured), one of Singapore’s two casino resorts. The firm is a subsidiary of Malaysian conglomerate Genting Bhd. Third-quarter adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) for Genting Singapore fell by 27.4 percent year-on-year, to SGD161.8 million. The company’s gaming revenue in the three months to September 30 was just under SGD315.0 million, 21.7 percent lower than in the prior-year period and down 21.4 percent sequentially. Non-gaming revenue for the period stood at SGD250.9 million, up 1.5 percent from a year earlier. The casino firm said in Thursday’s announcement that third-quarter performance was negatively affected by “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.” Genting Singapore noted that non-gaming performance “remained resilient” during the reporting period, “despite reduced hotel room inventory” related to ongoing renovations at Resorts World Sentosa. The firm stated that the property was “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”. According to Genting Singapore, these steps will “temporarily constrain operating capacity” at the casino resort through 2027. The firm is also working on its SGD6.8 billion Resorts World Sentosa expansion, known as RWS 2.0. It includes two new luxury hotels with 700 rooms, additional attractions at Universal Studios Singapore, and new shopping, dining and waterfront facilities, with completion of the fresh facilities due progressively through to 2030. In its latest quarterly results review, Genting Singapore said it was “focused on capturing year-end travel and festive demand” during the final quarter of 2026. S&P Global Ratings said in September it expected Genting Singapore’s earnings to remain soft for several quarters, albeit with a gradual improvement as Resorts World Sentosa’s facilities are renovated in phases. The ratings agency added at the time that Resorts World Sentosa faces competitive challenges relative to rival Marina Bay Sands – the other casino property in Singapore, run by a unit of Las Vegas Sands Corp – which has a more central location and is close to international hotels. Also in September, Fitch Ratings said it forecast “flat” gaming revenue for Genting Singapore in 2026 as it “continues to renovate its hotels and casino areas to enhance its customer experience”.