Genting Singapore profit down 41% to $145m in Q1

On a quarterly basis, earnings rose 2%.

Genting Singapore posted earnings of $145m for the first quarter ended 31 March 2025, down 41% from the same period last year. On a quarterly basis, earnings rose 2%.

Revenue reached $626.2m, up 2% from the previous quarter, whilst adjusted EBITDA increased 5% to $235.8m.

The group said the gaming business benefited from Chinese New Year, but non-gaming demand weakened due to a strong Singapore dollar and ongoing renovations at Resorts World Sentosa (RWS).

Year-on-year earnings were hurt by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation, reducing room availability. The group also faced weaker tourism compared to last year’s stronger visitorship and relaxed China-Singapore visa rules.

RWS continues its transformation with major projects planned through 2025. Highlights include spring events like the Starlit Dragon Spectacular and the opening of Illumination’s Minion Land, which set a new record for the largest Minion walk in Singapore.

RWS hosted the 2024 Yuewen Global IP Awards, and launched two new luxury restaurants, namely KA-MON and Sugarra.

WEAVE, a new retail and dining zone, will also open soon with over 40 stores including Pierre Hermé, Paul Pairet’s French bistro, and popular brands like Din Tai Fung.

In Q3 2025, RWS will open the Singapore Oceanarium and The Laurus, its first all-suite hotel under The Luxury Collection by Marriott.

Construction has started on the RWS 2.0 Waterfront Complex, which will include two luxury hotels, a retail and dining podium, an 88-metre light sculpture, and a mountain trail with views of Singapore’s CBD and Greater Southern Waterfront.