Genting Eyes Stronger Position for Licence Review

Genting Singapore Ltd has stated that it is in a stronger position as it approaches the next evaluation cycle for renewing its casino licence in Singapore. The company highlighted ongoing progress under its RWS 2.0 strategy and continued engagement with regulators following its most recent licence extension in November 2024.

Licence Review Context

The Singapore government granted Resorts World at Sentosa Pte Ltd, the operator of the integrated resort, a two-year licence extension in November 2024. This shorter renewal period followed an assessment covering 2021 to 2023, during which the resort’s tourism performance was deemed below expectations.

Genting Singapore has attributed this outcome to the impact of the COVID-19 pandemic and the gradual recovery of global travel during that timeframe. Since then, the company has continued working on repositioning initiatives aimed at strengthening its overall offering.

In responses prepared for shareholders ahead of its annual general meeting on April 15, management expressed confidence in its readiness for the next regulatory review.

Advancement of RWS 2.0

As part of its long-term development strategy, Genting Singapore has committed around SGD6.8 billion to the RWS 2.0 transformation programme, focused on enhancing and expanding Resorts World Sentosa.

Construction of a new waterfront development began in November 2024 and is expected to take approximately five years to complete. This project forms part of a broader effort to refresh the resort’s infrastructure and visitor experience.

Additional developments have already been introduced. In early 2025, the company launched Minion Land at Universal Studios Singapore. Later in the year, it unveiled the Singapore Oceanarium and a redesigned retail space known as WEAVE. In October, it also opened The Laurus hotel, part of The Luxury Collection portfolio.

2025 Financial Performance

Genting Singapore reported that its 2025 results were influenced by both market conditions and ongoing transformation efforts. Variations in hold rates and customer mix impacted performance, alongside temporary disruptions linked to renovation works.

For the full year, the company recorded a net profit of approximately SGD390.3 million, representing a 32.6% decline compared to the previous year. Revenue also saw a slight decrease of 3.1%, reaching SGD2.45 billion.

Risk Management and Receivables

The group also provided an update on its credit management practices, emphasizing a structured approach to underwriting, monitoring and collections. As of December 31, net impairment on trade receivables stood at SGD165.1 million.

According to the company, these provisions are calculated using a lifetime expected credit loss model, based largely on historical collection data. Management noted that maintaining a balance between revenue generation and credit risk control remains a key priority, alongside ongoing efforts to recover outstanding balances.