Genting Singapore 4Q25 - UOB Kay Hian 2026-02-25: Combination Of Operational Challenges

• We are neutral on Genting Singapore (SGX:G13)’s short-to medium-term outlook, but expect support from a commendable dividend yield (5.3%).
• Resort World Sentosa’s (RWS) 4Q25 revenue (-10% q-o-q, -4% y-o-y) and EBITDA (-24% q-o-q; -25% y-o-y) declined meaningfully. Earnings were weaker q-o-q, mainly due to a lower VIP win rate, elevated opex, lower interest income, and higher doubtful debt provisions.

4Q25:Below expectations.

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• Gaming statistics dragged by luck factor despite higher visitations and VIP volume. 4Q25 gaming revenue dropped by 13% y-o-y. This mainly reflects a much lower win percentage of 2.88% (4Q24:3.5%), which offset higher VIP rolling chip volume (+7% y-o-y), causing overall VIP gross gaming revenue (GGR) to decline by 12% y-o-y.
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Sustaining final dividend of 2 cents and full-year payout ratio of around 91%.

• Genting Singapore (GENS) declared a 2 cents final dividend (4Q24: 2 cents). Together with the 2 cents interim dividend declared in 2Q25, this brings 2025 Genting Singapore's dividends to 4 cents (2024: 4 cents) and implies a full-year yield of 5.1%.

Non-gaming segment charted y-o-y improvement.

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Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-02-25

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