Genting Singapore - DBS Research 2025-11-07: Grand Prix Packs The Rooms, MBS Keeps The Whales

• Genting Singapore (SGX:G13)'s 3Q25 revenue at S$650mil, up 12% q-o-q and 16% y-o-y.
• Revenue growth was largely led by 14% y-o-y increase in VIP gaming volume and normalisation of winrate from 2.5% to 3.1%. Non-gaming business performance exceeded expectations with hotel occupancy rebounding to 92%, supported by Grand Prix activations and events such as the Bubbling and Boiling Festival.
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3Q25 adj. EBITDA of S$223mil, up 19% q-o-q and 34% y-o-y.

• Strong EBITDA growth was supported by improved operation leverage from higher VIP gaming revenue and non-gaming revenue. 9M25 adj. EBITDA was ~70% of consensus and our initial forecasts, below expectations. Adj. EBITDA margin also ticked up from historical low in 3Q25 at 32% to 34%.

Our View

MBS likely providing a much stronger offering especially for VIP customers.

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Labour cost pressure not going away.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-08-08 Genting Singapore - High Stakes Pay Off But Payroll Bites Back.

Price targets by 2 other brokers at Genting Singapore Target Prices.

Listing of research reports at Genting Singapore Analyst Reports.

Relevant links:
Genting Singapore Share Price History,
Genting Singapore Announcements,
Genting Singapore Dividend Payout Dates & Corporate Actions,
Genting Singapore News