- Genting Singapore (SGX:G13)'s 3Q25 results were in-line with our expectations. More poignantly, they were a meaningful recovery from the 2Q25 trough which was negatively impacted by RWS 2.0 construction works and closure of certain attractions.
- - Read this at SGinvestors.io -
Earnings within our expectations.
- 3Q25 core net profit of S$113.2m (+25% y-o-y, +15% q-o-q) brought 9M25 core net profit to S$361.8m (-20% y-o-y) or 72% of our FY estimate. As a secondary check, 9M25 EBITDA of S$646.4m (-12% y-o-y) was also in-line with our expectations at 76% of our FY estimate.
- Recall that 2Q25 results were negatively impacted by RWS2.0 construction works and closure of S.E.A. Aquarium in May and Jun deterring mass market gamblers and non-gaming visitors.
Mass market and non-gaming recovered.
- - Read this at SGinvestors.io -
- RWS 3Q25 VIP volume eased ~5% q-o-q to S$8.8b but we gather that this was due to Marina Bay Sands offering higher direct VIP rebate rates and promotional allowances which would have compressed their theoretical EBITDA margins.
Earnings estimates unchanged.
- Read more at SGinvestors.io.
