Singapore’s casino duopoly — Marina Bay Sands (MBS) and Genting’s Resorts World Sentosa (RWS) — remains intact, but the playing field is becoming increasingly uneven. According to JP Morgan analysts DS Kim, Sigrid Qiu, and Selina Li, RWS captured only 28% of Singapore’s gaming market in the second quarter — its lowest share since opening in 2010.
Some of the weakness stems from Genting’s ongoing S$5 billion expansion, yet even on a hold-adjusted basis, RWS’s share of 31% marked a record low. “While some of its weakness can be attributed to non-gaming renovations, it’s surprisingly low for what’s supposed to be a ‘duopoly’ market with similar investments and scale,” the analysts noted.
RWS’s June-quarter share was down from 33% in Q1 2025 and far below pre-pandemic levels of around 40%.
Marina Bay Sands Surges Ahead
Meanwhile, Marina Bay Sands continues to dominate. The Las Vegas Sands (NYSE: LVS) property reported another quarter of record-breaking performance from April through June, further solidifying its status as one of the world’s most profitable casino resorts.
“In Singapore, Marina Bay Sands once again delivered record financial and operating performance,” said Sands CEO Robert Goldstein. “Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.”
MBS generated S$1.0 billion (US$778 million) in EBITDA for Q2 2025 alone — roughly equivalent to what Genting Singapore is expected to earn for the entire year. “The gap — 87% vs 13% profit share — is strikingly large,” JP Morgan added.
RWS Faces a Long Road to Recovery
Resorts World Sentosa’s recovery may not come until 2026, when its S$5 billion expansion begins to bear fruit. New attractions such as the Singapore Oceanarium, a refreshed retail district, and the soon-to-open Laurus Hotel are expected to help RWS regain footing.
“The opening of the Laurus Hotel will enable Genting Singapore to house more VIP and premium mass gamblers, and hopefully regain market share — especially in the mass market, which hit a new low of 25% in Q2 2025,” Maybank analysts said.
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