Resorts World Sentosa's Market Share Plummets

The hold-adjusted market share for Resorts World Sentosa (RWS) has dramatically fallen to just 31% in the second quarter of 2025, marking the lowest in the company's history. Its share of EBITDA also saw a significant drop to 28%, down from 33% in the first quarter and far below the pre-Covid average of around 40%.

Singapore's Casino Market: A Duopoly Under Pressure

JP Morgan highlights the concerning figures within Singapore's casino market, a duopoly dominated by RWS, owned by Genting Singapore, and Marina Bay Sands (MBS), owned by Las Vegas Sands. Despite similar levels of investment in infrastructure and facilities, the performance gap between the two is widening.

Marina Bay Sands Extends Its Lead

MBS reported a Q2 2025 EBITDA of S$1.0 billion (approximately US$778 million), a figure nearly equal to RWS's expected full-year 2025 earnings. The profit share disparity is stark, with MBS commanding 87% versus RWS's 13%.

Challenges and Future Prospects for RWS

Analysts attribute RWS's slump to ongoing non-gaming renovations under its RWS 2.0 development programme. While these efforts aim to enhance long-term tourism and entertainment capacity, they have temporarily reduced visitor numbers and gaming revenue. A significant recovery is not anticipated until 2026, with the completion of new attractions like the Singapore Oceanarium and the luxury Laurus hotel.

Optimism Amidst Challenges

Maybank remains optimistic about RWS's future, citing the potential of the Laurus hotel to attract high-spending customers and leadership changes to drive new strategies. The situation underscores the importance of management agility and superior guest experiences in the competitive integrated resort market.