For the full year, gaming revenue was down 6% to $1.6 billion while non-gaming revenue was up 3% y-o-y $847.8 million, thanks to the launch of Illumination’s Minion Land at Universal Studios Singapore (USS) in February 2025 and the phased introduction of the asset refresh initiatives in the second half of the year, including the Singapore Oceanarium and the new lifestyle mall WEAVE.
GENS continues to incur higher costs as it undergoes a multi-year expansion and refurbishment even as it keeps operating in a "live" environment in a key "transition" year.
"These investments form part of the group’s ongoing repositioning of RWS as an experience-based integrated resort destination," says GENS in its results announcement, adding that 2025 was a transition year, as the group advanced a major phase in its asset refresh strategy at RWS.
Despite the lower earnings, Genting Singapore plans to pay a final dividend of 2 cents per share.
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See more: Genting Singapore FY2025 earnings down 33% on higher costs in 'transition year'
Raising bets
Following the results, DBS Group Research and OCBC Group Research keep an optimistic view on GENS and both have maintained their “buy” calls.
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DBS has lowered its target price on GENS to 85 cents from 90 cents previously. In his previous report (Feb 23), analyst Chee Zheng Feng had raised his target price from 80 cents to 90 cents.
Chee notes that GENS is one of the most profitable and diversified gaming operators in a duopoly market. Marina Bay Sands (MBS) is the other integrated resort (IR) operator in Singapore.
“We believe a blended Ebitda is appropriate as the company is on the verge of operational turnaround with strong double-digit growth for next two years. We see scope for a re-rating as the company unlocks value from its substantial cash reserves and improves its return on capital (ROC), a key metric that correlates to valuation,” says Chee.
Overall, Chee expects a stronger FY2026, despite the “disappointing” FY2025 gaming performance. This year’s growth is expected to be supported by renovation-related disruptions fading and key attractions largely coming back online.
“We also believe the new senior hires are reviewing operations and will drive initiatives to sharpen RWS’s competitiveness and recapture market share from MBS,” he adds. GENS In August 2025 had appointed Lee Shi Ruh to president and COO, promoting her from her the CEO of RWS. Lee reports directly to Lim Kok Thay, executive chairman and acting CEO.
OCBC has dropped its fair value estimate to 87 cents from 96 cents previously, as FY2025 represents another earnings miss.
Analyst Chu Peng says: “We see GENS as a beneficiary of Singapore’s tourism recovery. The visa exemption between Singapore and China and further normalisation of flight capacity and air fares could drive more traffic to GENS.”
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He notes that the group will be focused on driving the ramp up of RWS this year and with the improving momentum in 2H2025, Chu expects further recovery in 2026, as additional amenities and retail tenants commence operations.
“We trim our 2026 adjusted Ebitda estimate by 12% to reflect sustained cost pressures and a more gradual ramp up of new offerings,” he says, adding that while it could take time for GENS to fully ramp up its new facilities, its strong balance sheet and about 5% dividend yield could offer some downside support.
Keeping cards
Maybank Securities and UOB Kay Hian (UOBKH) on the other hand are less optimistic and have both downgraded their calls on GENS to “hold” from “buy” previously.
Maybank has cut its target price to 73 cents from $1.00 as the FY2025 results “underwhelmed”. Analyst Yin Shao Yang says: “We expected 4Q2FY205 to be better q-o-q due to the reopening of The Laurus Hotel but it did not materialise.” Although The Lauran has only just opened, Yin still expects competition from MBS to remain intense.
With that, Yin has cut earnings estimates, while expecting flattish FY2028 earnings.
Furthermore, GENS is sitting on a “huge net cash pile”, which it has not indicated if it will be returning to shareholders.
UOBKH has dropped its target price on GENS to 84 cents from 89 cents.
Analyst Jack Goh too says that earnings were below expectations, mainly due to a lower VIP win rate, elevated opex, lower interest income and higher doubtful debt provisions. He expects earnings growth momentum mto be gradual as operating costs and capex from RWS 2.0 transformation will take time to be digested.
“We are neutral on GENS’ short- to medium-term outlook, but expect support from a commendable dividend yield (5.3%),” says Goh, who is forecasting a flattish DPS of 4 cents for FY2026-FY2028.
As at 3.15pm, shares in GENS are trading at 72 cents down 10% in the past five days.
