- Marina Bay Sands (MBS), rival to Resorts World Sentosa (RWS), delivered a strong 2Q25 performance, aided by an unusually high win rate. Even excluding the elevated win rate, underlying metrics remained robust.
- VIP rolling volumes rose 41.5% y-o-y and 7.5% q-o-q in S$ terms, a notable outcome in a seasonally soft quarter.
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- Hotel performance was similarly resilient, with occupancy holding at 95% despite a 7.1% y-o-y increase in average daily room rates to S$1,155.
We believe MBS’s strong performance may not be a reliable read-through for RWS, particularly in the VIP segment.
- Genting Singapore previously indicated it has deliberately scaled back on extending credit to VIP customers due to elevated credit risk concerns amid a soft regional macro environment. As a result, MBS may have gained VIP market share from RWS.
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- The closure of Hard Rock Hotel has also limited the flow of VIP traffic to RWS.
Remain cautious on GENS’s near-term outlook amid macro headwinds and lingering MSCI Singapore exclusion risk.
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