- We maintain our earnings estimates for now as Genting Singapore expects gaming to recover later in 2026, although higher costs and airfares due to geopolitical tensions in the Middle East remain headwinds. Yet, we see no reason to buy Genting Singapore until its operations recover more meaningfully.
- - Read this at SGinvestors.io -
Earnings missed our expectations again
- Genting Singapore's 1Q26 core net profit of S$69.7m (-54% y-o-y, +13% q-o-q) accounted for only 14% of our full-year estimate. That said, 1Q26 revenue of S$607.6m (-3% y-o-y, +3% q-o-q) was within our expectations at 24% of our full year estimate.
- - Read this at SGinvestors.io -
VIP volume share at a new low
- 1Q26 VIP volume fell 24% q-o-q to S$5.6b. This translates into a VIP volume share of only 19% (4Q25: 30%), a new low. Genting Singapore stated that there was no change in its credit-extension policy to VIPs but acknowledged that poor player quality, high VIP win rate and ongoing asset refresh related disruptions did weigh on VIP volume.
- On a more positive note, 1Q26 mass market GGR grew 5% q-o-q which caused its mass market GGR share to recover by 2ppts q-o-q to 26%.
Maintain earnings estimates for now
- Read more at SGinvestors.io.
