Genting Singapore 3Q Profit Drops 42% Y-o-Y Amid Contracting Gaming Revenue

Financial Highlights and Revenue Contraction

Casino operator Genting Singapore Ltd posted a third-quarter profit after tax of SGD54.7 million (US$42.5 million), marking a 42.2 percent decrease from the prior-year period and a 39.8 percent sequential decline. Aggregate revenue for the three months ending September 30, 2026, stood at approximately SGD566.1 million, down 12.9 percent year-on-year.

Third-quarter adjusted EBITDA fell by 27.4 percent to SGD161.8 million. Gaming revenue dropped to just under SGD315.0 million (21.7 percent lower than the previous year and down 21.4 percent sequentially), while non-gaming revenue remained resilient, rising 1.5 percent to SGD250.9 million.

Impact of Premium Gaming and Resort Renovations

According to Genting Singapore—a subsidiary of Malaysian conglomerate Genting Bhd\text{Genting Bhd}Genting Bhd and operator of Resorts World Sentosa—the weaker performance stemmed from softer premium gaming activity consistent with regional trends, alongside an unfavourable rolling win rate in September.

Despite reduced hotel room inventory caused by ongoing updates, non-gaming revenue held steady. The property is currently entering the next phase of its renewal, which includes upgrading its hotel portfolio and enhancing gaming areas, lounges, and dining spaces. These upgrades are expected to temporarily constrain operating capacity through 2027.

Expansion Plans and Market Outlook

Looking ahead, Genting Singapore is advancing its SGD6.8 billion RWS 2.0 expansion. The major project features two new luxury hotels with 700 rooms, new attractions at Universal Studios Singapore, and updated retail and waterfront facilities slated for completion progressively through to 2030. For the final quarter of 2026, the firm remains focused on capturing year-end festive demand.

Meanwhile, rating agencies maintain a cautious outlook. S&P Global Ratings projected soft earnings for several quarters with gradual improvements as phased renovations conclude, noting competitive pressures from rival Marina Bay Sands. Similarly, Fitch Ratings forecast flat gaming revenue for 2026 as the property continues its long-term customer experience enhancements.