Genting Singapore 3Q25 - UOB Kay Hian 2025-11-07: Gaining Grounds From RWS 2.0 Transformation

• Genting Singapore (SGX:G13)'s 3Q25 results improved on strengthening RWS footfall and better gaming statistic.

3Q25: Within expectations.

• - Read this at SGinvestors.io -
• 9M25 EBITDA represented 72% and 70% of our and consensus full-year forecasts respectively.

Gaming statistics lifted by higher visitations, stronger VIP volume and luck factor.

• Gaming revenue in 3Q25 surged 22% y-o-y from 3Q24’s low base. This mainly reflects higher VIP rolling chip volume (+14% y-o-y) and win percentage of 3.1% (3Q24: 2.45%), which lifted overall VIP gross gaming revenue (GGR) by 45% y-o-y.
• - Read this at SGinvestors.io -

Non-gaming segment charted resilient improvement.

• Aligning with the trend of improving earnings, RWS’ non-gaming segment surprised with major operational refinement. Non-gaming revenue surged 33% q-o-q and 7% y-o-y. This mainly reflects higher footfall following the completion of the Singapore Oceanarium and WEAVE lifestyle precinct.
• In 3Q25, daily available rooms remained at around 1,189 rooms (2Q25: about 1,189 rooms) following the closure of Hard Rock Hotel in Mar 24 for renovations and rebranding (around 340 rooms).
• Meanwhile, hotel occupancy rate of 92% (2Q25: 73%) offset the slightly lower average room rate of S$484 (2Q25: S$490).

Singapore’s tourism statistics sustaining growth momentum.

• Read more at SGinvestors.io.

Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-11-07

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