TLDR
- Genting Singapore could raise up to SGD2 billion ($1.56 billion) in debt starting in 2027 to fund its Resorts World Sentosa expansion, according to CreditSights.
- The SGD6.8 billion “RWS 2.0” project includes two luxury hotels with 700 rooms and new retail, dining, and waterfront spaces.
- The company’s share of Singapore’s net gaming revenue fell to 23% in the first half of 2026, down from 30% in 2024.
- CreditSights expects 2030 EBITDA of SGD863 million, below the company’s target of more than SGD1 billion.
- Genting Singapore plans to keep paying an annual dividend of SGD0.04 per share during the expansion.
Genting Singapore could raise up to SGD2 billion ($1.56 billion) in debt starting in 2027. The money would help pay for the expansion of Resorts World Sentosa, according to research firm CreditSights.
The report followed a meeting between CreditSights and the casino operator’s investor relations team. The company said it prefers to keep a minimum cash balance of SGD500 million to SGD1 billion.
CreditSights reviewed the SGD6.8 billion project, known as “RWS 2.0.” It said the investment is needed for the resort to stay competitive, but it raised doubts about whether the project will pay off.
Debt Plans and Expansion Costs
CreditSights expects Genting Singapore to raise between SGD1.5 billion and SGD1.75 billion in debt during 2027 and 2028. The firm said cash flow will go toward building costs and dividends.
As a result, the company is not expected to hold a net cash position beyond 2029.
Analysts Jonathan Tan Jun Jie and Lakshmanan R. said the key question is whether earnings from RWS 2.0 will match the money spent. Their view was cautious.
The investor relations team said about SGD4.7 billion is left in the expansion budget. It added that current building costs are already included and most construction contracts are fixed, which limits the risk of higher costs.
Market Share and Earnings Outlook
Genting Singapore held 23% of net gaming revenue in Singapore in the first half of 2026. That was down from 30% in 2024 and 43% in 2013.
Marina Bay Sands, run by a subsidiary of Las Vegas Sands Corp, held the rest of the market. CreditSights said Resorts World Sentosa’s location and weaker execution explain the long-term decline.
The firm said Marina Bay Sands’ central location and luxury focus give it better access to wealthy gamblers, business travelers, and convention visitors. This could make it harder for Genting Singapore to win back market share.
RWS 2.0 includes two luxury hotels with 700 rooms, Universal Studios Singapore, and new retail, dining, and waterfront areas. The work will be completed in stages through 2030.
The company expects EBITDA to recover gradually between 2027 and 2030. It forecasts annual earnings above SGD1 billion from 2030 onward.
CreditSights has a lower forecast of SGD863 million in EBITDA for 2030. Its base case assumes growth will come mostly from non-gaming businesses.
CreditSights also warned that hotel closures and casino renovations will continue to affect operations. The investor relations team said most major disruptions are already over.
Casino upgrades started in July 2026. The work is being done one gaming pit at a time during quieter periods instead of all at once.
Genting Singapore also confirmed it plans to keep paying an annual dividend of SGD0.04 per share during the expansion. CreditSights includes that payment when estimating how much the company may need to borrow.
