Maybank has cut its FY26 earnings forecast for Genting Singapore by 17 per cent. Projections for 2027 and 2028 were also revised down by 15 per cent and 14 per cent respectively.
The revision reflects higher expected depreciation and lower net interest income. EBITDA forecasts remained largely unchanged, suggesting stable operating performance. Maybank analysts described the situation as 'normalization without revaluation': sustained growth depends on whether the expanded Resorts World Sentosa (RWS) can drive higher footfall and gaming revenue.
Genting Singapore's adjusted EBITDA rose 18 per cent quarter-on-quarter and 12 per cent year-on-year in the second quarter to SG$210.8 million ($164 million). VIP gaming volume recovered 21 per cent sequentially but remained 26 per cent below the prior-year level. Mass-market GGR grew 2 per cent quarter-on-quarter and 14 per cent year-on-year. RWS's share of Singapore's VIP market climbed from 19 per cent to 36 per cent during the quarter; its mass-market share rose from 26 per cent to 27 per cent.
Quarterly revenue came to SG$596 million ($464 million), up 1 per cent year-on-year but down 2 per cent sequentially. Net profit was SG$92.9 million ($72.3 million), down 6 per cent from the prior year.
For the first half of 2026, net profit fell 34 per cent to SG$156.1 million ($122 million), adjusted EBITDA declined 8 per cent to SG$389.8 million ($304 million), and revenue held flat at SG$1.20 billion ($939 million).
Genting Singapore has invested around SG$1.8 billion ($1.40 billion) in the RWS 2.0 expansion. Singapore Oceanarium, the WEAVE entertainment zone, Minion Land, and The Laurus hotel have already opened. Additional properties will launch in phases through 2027 and 2028.
