Genting Singapore Ltd, the operator of Resorts World Sentosa (RWS), has expressed confidence in securing a renewed three-year gaming licence in Singapore later this year. In February 2024, the Singapore Gambling Regulatory Authority (GRA) issued the resort a provisional two-year licence instead of the usual three years, citing concerns over its performance from 2021 to 2023. This decision marks a first in the market. The regulatory body raised questions about RWS’s capability to sustain itself as a key tourist attraction, prompting the resort to initiate a $5.3 billion expansion aimed at enhancing its appeal and encouraging prolonged visits.
The expansion, part of the RWS 2.0 project, includes significant developments such as the Minion Land theme park, the all-suite Laurus hotel, and the Weave dining and retail district. Adding to these, the Singapore Oceanarium, opened in July 2025, has been recognized by the Singapore Tourism Bureau (STB) as a notable contribution to Singapore’s tourism offerings. Ahead of its annual general meeting scheduled for April 15, Genting Singapore attributed the shortened licence term to challenges faced during the Covid-19 pandemic, stating that substantial progress has been made in its transformation efforts to align with the country’s tourism strategy.
Despite these ambitions, Genting Singapore remains vigilant of external geopolitical factors, notably the ongoing tensions in the Middle East, which could influence global travel dynamics. The STB reported an influx of 19.9 million international visitors to Singapore in 2025, a 2.3% increase from the previous year. However, the bureau maintains a cautious outlook, predicting between 17 and 18 million tourists for the current year, citing economic uncertainties and geopolitical instability.
Genting Singapore is proactively managing these uncertainties by closely monitoring international travel trends, cost fluctuations, and broader economic sentiments. The company’s diversified resort offerings and robust financial standing, coupled with Singapore’s reputation as a stable and well-regulated hub, fortify its position against external shocks and ensure operational stability.
In financial terms, Genting Singapore reported a decline in performance for 2025, attributed to ongoing development investments, renovations, and a lower casino win rate. The company experienced a 17% drop in adjusted EBITDA and a 3% decrease in total revenue, which stood at $1.93 billion. Gaming revenue fell by 6% to $1.26 billion, while net profits witnessed a 33% decline from 2024 levels. However, amidst these challenges, non-gaming revenue saw a modest increase of 3%, reaching $669 million.
RWS CEO Lee Shi Ruh, in a 2025 interview with CNBC, assured stakeholders that the resort is on track to meet regulatory standards when its licence is due for reassessment in February 2027. Looking ahead, the focus will be on successfully implementing the RWS 2.0 expansion plan, addressing the GRA’s concerns, and capitalizing on Singapore’s strategic position to sustain its growth and secure a favourable regulatory outcome.
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