Genting Singapore Q3 profit plunges 42% as gaming revenue slides; shares hit one-year low

Singapore casino operator Genting Singapore reported profit after tax of S$54.7 million for the third quarter ended September 30, down 42.2% year on year from S$94.6 million, with weaker gaming revenue the main drag; the results sent the shares to a one-year low on Friday.

Gaming revenue down more than a fifth

Total revenue for the quarter was S$566.1 million, down 12.9% year on year, while adjusted EBITDA fell 27.4% to S$161.8 million. Gaming revenue at Resorts World Sentosa was just under S$315.0 million, down 21.7% from S$402.3 million a year earlier and down 21.4% sequentially. The company said performance was hurt by softer premium gaming activity at the resort, consistent with a trend observed in regional key markets, and by an unfavourable VIP rolling win rate of 2.7% in September, below the theoretical 3.5%. Non-gaming revenue rose 1.5% year on year to S$250.9 million despite reduced hotel room inventory.

Shares fall to a one-year low

After the results, Genting Singapore shares fell 5.2% to S$0.58 in early trading on Friday and slid to S$0.570 by midday, down 6.6% and a one-year low; turnover by midday totalled S$25.4 million, with 43.8 million shares traded.

Broker cuts earnings forecasts

Maybank said in a Friday memo that it was cutting its earnings estimates for Genting Singapore by up to 18% — 18% for financial year 2026 and 14% each for 2027 and 2028 — as hotel renovation works at Resorts World Sentosa are likely to disrupt operations for the next three financial years. The bank said third-quarter and nine-month core net profit were only around 53% of its full-year estimate. S&P Global Ratings said in September it expected the company's earnings to remain soft for several quarters.

Refurbishment to constrain capacity through 2027

The company said Resorts World Sentosa is proceeding with its S$6.8 billion RWS 2.0 expansion, with new facilities due through to 2030, while refurbishment of hotels, gaming facilities and guest spaces will restrict operating capacity through 2027. It said it is strengthening its premium customer strategy by enhancing business development and marketing capabilities, and is focused on capturing year-end travel and festive demand in the final quarter of 2026.

(Sources: GGRAsia; Singapore Business Review; Business Times; Maybank.)