- 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.
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
Labour cost pressure not going away.
- Read more at SGinvestors.io.
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/.
Zheng Feng CHEE CFA DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-11-07
Read also DBS's most recent report:
2026-05-13 Genting Singapore - Need For An Operational & Strategy Rethink.
Previous report by DBS:
2026-02-25 Genting Singapore - Reset Into A Year Of Market Share Recovery.
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
