RWS ‘better positioned’ to win back high-rollers from MBS: DBS
Integrated resort on Sentosa could attract higher-value traffic after renovations, launch of luxury hotel
[SINGAPORE] While Marina Bay Sands (MBS) has capped off “the greatest quarter” in its latest financial results, rival Resorts World Sentosa (RWS), which is owned by Genting Singapore, remains “better positioned” to reclaim its share of the high-rolling VIP market in 2026.
The analysis from DBS Group Research on Thursday (Jan 29) comes a day after MBS posted a record quarterly profit surpassing S$1 billion.
In the latest fourth-quarter earnings report, MBS’ adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) soared 50.1 per cent to a new high of US$806 million – or S$1.02 billion – for the three months ended Dec 31, 2025.
The chairman and chief executive officer of Las Vegas Sands – which owns MBS – Rob Goldstein, called it “simply the greatest quarter in the history of casino hotels”.
MBS’ VIP rolling volume rose 61.7 per cent year on year in Singapore dollar terms, noted DBS. The property also maintained a strong hotel occupancy of 95 per cent, with average daily room rates increasing 2.7 per cent year on year to S$1,268, it added.
Genting’s recovery play
Despite the dominance of MBS, DBS believes that RWS is poised for a comeback.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
RWS experienced a notable erosion of its VIP market share in late 2024, which analysts attributed to an “incomplete VIP proposition” during extensive renovations of The Hard Rock Hotel and The Forum, now known as Weave. This affected “the overall hotel and dining experience” at the integrated resort.
With these renovations now complete and the October 2025 launch of luxury hotel The Laurus, RWS is expected to attract higher-value premium traffic, said DBS.
It noted that if RWS maintains its current VIP market share, it could deliver an Ebitda upside of about S$30 million, representing around a 3 per cent uplift to FY2025 estimates.
The brokerage currently has a “hold” rating on Genting Singapore with a target price of S$0.80, though the recommendation is presently under review.
However, CGS International (CGSI) suggested in a separate note on Thursday that investors should temper their expectations for Genting Singapore over its Q4 results.
The brokerage believes that MBS’ revenue growth was “outsized” compared with the broader 4.8 to 4.9 per cent growth in Singapore’s international visitor arrivals in late 2025.
The data implied “a seasonally weaker tourist visitorship quarter on quarter (excluding December 2025 which has yet to be available),” CGSI said.
“We believe this suggests that RWS by Genting Singapore could continue to see market share declines in Q4 2025,” the analysts added.
CGSI maintains an “add” rating for Genting Singapore with a target price of S$0.785.
Genting Singapore is scheduled to release its full-year financial results for the period ended Dec 31, 2025, on Feb 24.
Its shares were trading at S$0.735, 0.7 per cent or S$0.005 higher, as at 10.15 am on Friday.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
