Integrated resort on Sentosa could attract higher-value traffic after renovations, launch of luxury hotel
[SINGAPORE] While Marina Bay Sands (MBS) has capped off “the greatest quarter” in its latest financial results, rival casino Resorts World Sentosa (RWS), which is owned by Genting Singapore, remains “better positioned” to reclaim its share of the high-rolling VIP market in 2026.
The analysis from DBS Group Research on Thursday (Jan 29) comes a day after MBS posted a record quarterly profit surpassing S$1 billion.
In its latest fourth-quarter earnings report, MBS’ adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) soared 50.1 per cent to a new high of US$806 million – or S$1.02 billion – for the three months ended Dec 31, 2025.
The chairman and chief executive officer of Las Vegas Sands – which owns MBS – Rob Goldstein, called it “simply the greatest quarter in the history of casino hotels”.
MBS’ VIP rolling volume rose 61.7 per cent year-on-year in Singapore dollar terms, noted DBS. The property also maintained a strong hotel occupancy of 95 per cent, with average daily room rates increasing 2.7 per cent year-on-year to S$1,268, it added.
Genting’s recovery play
Despite the dominance of MBS, DBS believes that RWS is poised for a comeback.
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RWS experienced a notable erosion of its VIP market share in late 2024, which analysts attributed to an “incomplete VIP proposition” during extensive renovations of The Hard Rock Hotel and The Forum, now known as Weave, “affecting the overall hotel and dining experience” at RWS.
With these renovations now complete and the October 2025 launch of the luxury hotel The Laurus, RWS is expected to attract higher-value premium traffic, said DBS.
It noted that if RWS maintains its current VIP market share, it could deliver an Ebitda upside of approximately S$30 million, representing a 3 per cent uplift to FY2025 estimates.
The brokerage currently has a “hold” rating on Genting Singapore with a target price of S$0.80, though the recommendation is presently under review.
Genting Singapore is scheduled to release its full-year financial results for the period ended Dec 31, 2025, on Feb 24, 2026.
Shares of Genting Singapore was trading at S$0.735, 0.7 per cent or S$0.005 higher as at 10.15 am on Friday.
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