"Hotel operations remained robust despite broader softness in Singapore’s hospitality sector, with occupancy edging up from 95% to 96% and average daily room rates climbing 5.8% to $1,260," says DBS.
DBS Group Research is keeping a "hold" call and 80 cents target price on Genting Singapore (GENS) as its renovations for RWS 2.0, a major expansion and transformation project for Resorts World Sentosa (RWS). The group is set to spend about $6.8 billion on the upgrade, which is expected to progressively open through 2030.
Meanwhile, Marina Bay Sands (MBS), RWS' competitor in Singapore, reported strong year-on-year gaming volume growth across all segments. VIP rolling volumes in SGD terms surged 34.5% y-o-y, while mass table and slot volumes rose 16.7% and 5.9%, respectively. Win rates also improved across the board, with the VIP segment rebounding from a low of 1.75% to 4.84%, driving a 272% y-o-y increase in VIP gaming revenue.
