Genting Singapore reported robust third-quarter results, fueled by stronger-than-expected spending from high rollers at Resorts World Sentosa (RWS).
The integrated resort operator saw profits jump 35% year-over-year, driven by solid performance from VIP and premium mass market segments. Overall gaming revenue climbed 11% to SGD452.05 million ($331 million), leading to total profits of SGD143.79 million ($105 million) — an 8% overall revenue increase for the quarter.
“Our gaming business continues to grow steadily, with our VIP segment showing respectable volume increases and a healthy bad-debt provision ratio,” the company said in a statement.
Tighter Credit Policies Pay Off
Genting attributed part of its improved profit margins to stricter credit controls. The company has adopted more conservative lending practices for VIP customers — a move some analysts initially feared might reduce high-end play.
However, tighter credit policies have helped limit exposure to bad debt, especially from overseas clients, a persistent challenge in Singapore’s casino industry.
Non-Gaming Segments on the Rise
Beyond gaming, RWS’s non-gaming revenue also rose, buoyed by increased visitor spending and a 5% uptick in daily average attendance. The resort’s hotels recorded an impressive 93% occupancy rate, reflecting strong tourism demand.
Upcoming attractions like the Maritime Experiential Museum and new culinary experiences — including a food festival featuring 30 celebrity chefs and a “Street Eats” event highlighting Southeast Asian vendors — are expected to further boost visitor numbers.
“These events collectively attracted nearly 170,000 guests, proving our strategy to reposition RWS as a premium lifestyle destination is succeeding,” Genting said.
Still Second to Marina Bay Sands
Despite the solid quarter, Resorts World Sentosa remains second in Singapore’s casino market. Marina Bay Sands (MBS) continues to dominate with an estimated 62% market share, compared to Genting’s 38%, according to Sanford C. Bernstein.
“MBS benefits from its prime downtown location, superior MICE exposure, and a stronger management team,” the brokerage noted.
Still, Genting Singapore’s continued investment in attractions and disciplined financial management signal a promising outlook as it seeks to narrow the gap with its rival.
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