Genting Singapore 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 Genting Singapore 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 maintain its final dividend of 2 cents per share.
Following the results, DBS Group Research and OCBC Group Research keep an optimistic view on Genting Singapore and both have maintained their “buy” calls.
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DBS has lowered its target price to 85 cents from 90 cents previously. In his previous report dated Feb 23, analyst Chee Zheng Feng had raised his target price from 80 cents to 90 cents.
“We believe a blended ebitda is appropriate as the company is on the verge of an operational turnaround with strong double-digit growth for the 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. This key metric 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 fading renovation-related disruptions and key attractions largely returning to service.
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“We also believe the new senior hires are reviewing operations and will drive initiatives to sharpen RWS’s competitiveness and recapture market share from Marina Bay Sands [MBS],” he adds. GENS appointed Lee Shi Ruh as president and COO in August 2025, promoting her from CEO of RWS. Lee reports directly to Lim Kok Thay, executive chairman and acting CEO.
OCBC’s Chu Peng has dropped her fair value estimate to 87 cents from 96 cents previously, as FY2025 represents another earnings miss.
Nonetheless, Chu maintains her view that Genting Singapore is 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 Genting Singapore.”
Chu notes that the group will focus on driving the ramping up of RWS this year and, with improving momentum in 2HFY2025, she expects further recovery in FY2026 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,” she says, adding that while it could take time for GENS to ramp up its new facilities fully, its strong balance sheet and about 5% dividend yield could offer some downside support.
Maybank Securities and UOB Kay Hian, on the other hand, are less optimistic and have both downgraded their calls to “hold” from “buy”.
Maybank’s Yin Shao Yang has cut his target price to 73 cents from $1, citing FY2025 results that “underwhelmed”. He was expecting 4QFY2025 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.
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With that, Yin has cut earnings estimates, while expecting flattish FY2028 earnings.
Furthermore, Genting Singapore is sitting on a “huge net cash pile”, but has not indicated whether it will return cash to shareholders.
UOB Kay Hian’s Jack Goh, meanwhile, has dropped his target price to 84 cents from 89 cents. For him, 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 to be gradual as operating costs and capex from the RWS 2.0 transformation will take time to be digested.
“We are neutral on GENS’s 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.
