TLDR
- Genting Singapore reported a 55% drop in Q1 2026 profit to SGD65.2 million compared to the same quarter last year
- Overall revenue slipped 3% to SGD607.6 million, with gaming revenue down 7.8% while non-gaming revenue rose 8.3%
- Adjusted EBITDA fell 24.1% to SGD179.0 million for the quarter ending March 31
- Geopolitical tensions and supply chain costs, including higher energy and shipping prices, added pressure on profitability
- The company is midway through a SGD6.80 billion upgrade plan for Resorts World Sentosa, including the launch of The Laurus hotel last October
Genting Singapore posted a sharp decline in first-quarter profit for 2026, with net earnings falling 55% year-on-year to SGD65.2 million (US$51.2 million). The results were released this week and reflect growing cost pressures across the business.
Total revenue for the quarter came in at SGD607.6 million, a 3% decline from the year-ago period. While the top line held above SGD600 million, rising expenses and weaker gaming income dragged down the bottom line.
The company operates Resorts World Sentosa, one of only two licensed casino properties in Singapore. It is a subsidiary of Malaysian conglomerate Genting Bhd.
Adjusted EBITDA for the quarter was SGD179.0 million. That figure represents a 24.1% drop compared to the same period in 2025.
Gaming Revenue Falls While Attractions Grow
Gaming revenue declined 7.8% year-on-year to roughly SGD403.4 million. The company said there was some improvement toward the end of the quarter, with gaming activity picking up in the final weeks.
Non-gaming revenue moved in the opposite direction, rising 8.3% to SGD204.1 million. The company credited higher visitor numbers at key attractions, including Universal Studios Singapore and the Singapore Oceanarium.
The split between gaming and non-gaming performance highlights a shift in how the resort is generating income. Non-gaming segments are growing, but they have not yet offset the decline in casino earnings.
Genting Singapore pointed to geopolitical tensions, particularly in the Middle East, as a source of added costs. These include higher energy prices, increased shipping and logistics expenses, and rising airfares.
The company said those cost increases have also affected travel demand and consumer sentiment more broadly. This is relevant for a resort that depends heavily on international visitors.
Despite the headwinds, management said it is working to control costs and find new opportunities through marketing and programming efforts. The company also noted a focus on optimizing existing assets and improving guest experiences.
SGD6.80 Billion Resort Overhaul Underway
Genting Singapore is in the middle of a SGD6.80 billion upgrade plan for Resorts World Sentosa. The investment covers new attractions, hotel properties, and other improvements across the resort.
One of the recent additions is The Laurus hotel, which opened in October 2025. The property is part of the broader effort to diversify the resort’s appeal beyond gaming.
The company is trying to build a more balanced mix of gaming and non-gaming activities at the property. That strategy is central to its long-term growth plan.
Lim Kok Thay, the executive chairman and acting CEO, said the company is well-positioned to attract more guests in 2026. He attributed this to the diversification of offerings at the resort.
The quarterly results come at a transitional time for the business. Large capital spending on upgrades is ongoing, while external cost pressures are squeezing margins.
Revenue from non-gaming operations showed strength, but it was not enough to fully cushion the drop in gaming income. The 55% profit decline is the steepest quarterly drop the company has reported in recent periods.
Genting Singapore shares are listed on the Singapore Exchange. The company did not provide specific forward guidance but indicated it remains focused on its transformation plan for Resorts World Sentosa.
