As at Friday, 5 December 2025, Genting Singapore Limited (SGX:G13) sits in an interesting spot on the Singapore Exchange: a cash‑rich, near‑monopoly casino and tourism play with a dividend yield above 5%, a visible earnings recovery at Resorts World Sentosa (RWS), and a powerful new group‑level catalyst in the form of a full casino licence recommendation in New York. Yet the share price remains range‑bound around S$0.73–0.76, as investors weigh upside from growth projects against parent‑level leverage and execution risk. [1]
Genting Singapore share price on 5 December 2025
On 5 December 2025, Genting Singapore shares closed at S$0.735 on the SGX, unchanged on the day, with around 5.39 million shares traded. [2]
Over the past week, the stock has slipped modestly from the S$0.75–0.76 band, continuing a short spell of mild weakness after a strong run earlier in the year. Technical service StockInvest notes that the counter has fallen in five of the last ten sessions and is down roughly 2–3% over that period, trading inside a horizontal consolidation range. [3]
On a longer view, Genting Singapore is only slightly positive for 2025 year‑to‑date, with one dividend‑focused screener estimating a gain of about 1.5% in the share price since January, excluding dividends. [4]
Key valuation markers as of early December 2025 include:
- Market capitalisation: ~S$8.9 billion
- Enterprise value: ~S$5.6–5.8 billion (reflecting substantial net cash)
- Trailing P/E: around 19–20x
- Forward P/E: mid‑teens, ~16–17x
- EV/EBITDA: roughly 7x
- Price‑to‑book: about 1.1x
- Net cash: ~S$3.3 billion, or about S$0.27 per share
These figures come from StockAnalysis, TipRanks and other data aggregators tracking the latest 2025 financials. [5]
Against a Straits Times Index trading near record levels and yielding around 3.9%, Genting Singapore screens as a higher‑yield, asset‑backed tourism play that has not fully re‑rated with the broader Singapore market. TS2 Tech+1
Q3 2025 earnings: “Meaningful recovery” after renovation drag
Genting Singapore’s latest numbers are for the quarter ended 30 September 2025 (3QFY2025). Across multiple outlets and brokerage notes, a few figures show why sentiment has turned more constructive: [6]
- Revenue: S$649.8 million, up about 16% year‑on‑year.
- Adjusted EBITDA: around S$222–223 million, up roughly 34–36% year‑on‑year.
- Net profit: S$94.6 million, up 19% year‑on‑year and mid‑teens quarter‑on‑quarter.
- Gaming revenue: about S$402.3 million, up roughly 22% year‑on‑year.
Maybank Research described the quarter as a “meaningful recovery” from the trough in Q2 2025, when extensive renovation works under the RWS 2.0 programme and temporary closure of attractions hit both gaming and non‑gaming performance. [7]
Maybank estimates that core net profit for the first nine months of 2025 reached about S$361.8 million, equivalent to roughly 72% of its full‑year forecast – a run rate consistent with further improvement in Q4. [8]
Asian gaming industry outlet GGRAsia notes that non‑gaming revenue has become an increasingly important driver as new attractions and upgraded facilities come online, while gaming revenue continues to recover with tourism flows and local demand. [9]
RWS 2.0: multi‑billion upgrade is finally feeding into results
Much of the Genting Singapore story now revolves around “RWS 2.0”, a long‑term, multi‑phase expansion and upgrade of Resorts World Sentosa. The company has earmarked around S$6.8 billion to refurbish and expand the integrated resort, in exchange for licence extensions and regulatory commitments. [10]
Key milestones in 2025:
- Singapore Oceanarium: the former S.E.A. Aquarium has been upgraded and rebranded, reopening in July 2025 as a larger, more immersive marine attraction.
- WEAVE retail precinct: a revamped retail and F&B zone with roughly 40 outlets launched around the same time, lifting footfall and non‑gaming spend.
- The Laurus Hotel: a new 183‑suite luxury property under Marriott’s Luxury Collection banner began phasing in rooms from October 2025. [11]
Broker commentary suggests that:
- Non‑gaming revenue in Q3 jumped by over 30% quarter‑on‑quarter and mid‑single‑digits year‑on‑year.
- Mass‑market gaming also improved, while VIP rolling volume softened slightly, partly due to strong promotional activity at rival Marina Bay Sands. TS2 Tech+1
The broad read‑through: the renovation‑related dip in Q2 looks more like a temporary trough. Q3 confirms that as new attractions open and room inventory returns, both volumes and margins can recover.
New COO at Resorts World Sentosa: execution focus
Another change landing just before year‑end is a leadership refresh at RWS.
Genting Singapore has appointed Chen Si as Chief Operating Officer of Resorts World Sentosa, effective 1 December 2025. Chen previously served as CEO of Inspire Entertainment Resort in South Korea, giving him direct experience with large‑scale integrated resorts in Asia. [12]
Industry coverage from Asia Gaming Brief and Inside Asian Gaming emphasises that Chen’s remit is to: [13]
- Oversee day‑to‑day operations and guest experience at RWS.
- Drive organisational and service‑quality improvements as major RWS 2.0 assets ramp.
- Help reposition the resort further upmarket towards premium mass customers while strengthening its non‑gaming ecosystem.
For equity investors, this is primarily an execution story: RWS 2.0 is a multi‑billion, multi‑year capex project. Having a seasoned gaming executive in charge of actual on‑property operations increases confidence that Genting Singapore can convert that heavy spend into sustainable cash flow rather than just shiny new buildings.
Group‑level catalysts: New York licence, Genting Malaysia bid and credit risk
While Genting Singapore is listed and financed independently, its fate is tied to the broader Genting group. Over the last two months, several group‑level developments have caught analysts’ attention.
New York full casino licence recommendation
On 2 December 2025, New York’s Gaming Facility Location Board recommended that Genting New York LLC, operator of Resorts World New York City (RWNYC), be awarded one of three downstate full casino licences in the state, subject to final approval from the New York State Gaming Commission. [14]
Key details from the recommendation and prior disclosures: [15]
- RWNYC will be upgraded from a slots‑only facility into a roughly US$5.5 billion integrated resort.
- The plan envisages up to 6,000 slot machines, 800 table games, around 2,000 hotel rooms, a 7,000‑seat entertainment venue and significant additional F&B and public space.
- Genting Malaysia, which directly owns RWNYC, is expected to pay a US$600 million licence fee by 31 December 2025 to secure the licence.
- Maybank estimates that incremental net profit from the expanded New York operation could peak at about MYR1.93 billion in 2030.
This project sits in Genting Malaysia and Genting Bhd, not Genting Singapore. However, multiple brokers – and recent coverage in The Edge Singapore – have pointed out that Genting Singapore is the most cash‑rich listed subsidiary and therefore a likely source of funding support via higher upstream dividends if the group needs capital for New York. [16]
Genting Malaysia takeover and ratings review
In parallel, Genting Bhd has launched a US$1.6 billion (RM6.3 billion) bid to acquire the remaining shares of Genting Malaysia that it does not already own, with a cash offer pitched at a premium to the pre‑announcement price. [17]
The deal is largely debt‑funded. Ratings agency Moody’s has placed Genting Bhd and certain subsidiaries – including Genting Singapore – on review for downgrade, citing concerns that the increased leverage from the takeover could weaken credit metrics, especially alongside the capex demands of the New York project. [18]
CreditSights, in a separate note referenced by regional media, has underlined Genting’s high debt and relatively weak free cash flow at the holding company level, while explicitly flagging “access to its cash‑rich Genting Singapore subsidiary” as a mitigating factor. [19]
For minority shareholders in Genting Singapore, the implication is double‑edged:
- Group expansion and consolidation could increase the strategic value of Genting Singapore’s cash and future dividends, creating upside for payouts.
- But parent‑level leverage and potential credit‑rating pressure raise the risk that RWS’s balance sheet is leaned on more aggressively than the market currently assumes.
Dividends: 5%+ yield and a history of normalisation
Genting Singapore has quietly rebuilt its dividend track record since the pandemic years. Data from StocksGuide, SGX and dividend services show: [20]
- The company now pays two dividends per year, typically in May and August/September.
- For recent financial years, total ordinary dividends have been S$0.04 per share annually (S$0.02 + S$0.02).
- Ex‑dividend dates in 2025 fell in early May and late August, with payment in late May and mid‑September.
At the current share price around S$0.735, that S$0.04 per share translates to a trailing dividend yield of roughly 5.3–5.5%, squarely above the STI average. [21]
Several local investor publications, including The Smart Investor and Yahoo Finance, have highlighted Genting Singapore as one of a handful of blue chips combining: [22]
- Above‑market dividend yield, and
- Exposure to the tourism recovery and structural growth in premium leisure demand.
Analysts generally model S$0.04 per share again for FY2025 in their base cases, with any surprise upgrade to payout likely to be taken as a positive re‑rating signal – especially in the context of the New York licence and Genting Malaysia takeover discussed earlier. TS2 Tech+2SG Investors+2
Analyst ratings and price targets as of early December 2025
Freshly updated consensus figures paint a broadly constructive – but not euphoric – picture of Genting Singapore’s valuation.
Local broker and SGX‑based consensus
Singapore‑focused platform Growbeansprout reports that as of 5 December 2025: [23]
- The consensus share‑price target for Genting Singapore is S$0.953.
- Based on the current share price of S$0.735, that implies about 29.7% upside.
Within that:
- CGSI Research: ADD, target S$1.05
- DBS Research: HOLD, target S$0.80–0.90 in recent notes
- Maybank Research: BUY, around S$1.00–1.01 target
- OCBC Investment: BUY, S$0.96–1.03 target range
- UOB Kay Hian: BUY, S$0.89–0.90 target after trimming from S$1.12 earlier in 2025 [24]
SGInvestors and other aggregators typically place the average 12‑month target in the high‑S$0.80s to low‑S$0.90s, around 15–25% above spot. [25]
International consensus and AI‑driven models
Internationally facing consensus tools add a bit of nuance:
- TradingView lists an average 1‑year price target around S$0.89, with a range of S$0.70–1.07. [26]
- Valueinvesting.io reports an average 12‑month target of about S$0.91, implying roughly 21% upside, with a low of S$0.71 and high of S$1.24 across the analyst sample they track, and an overall “Hold” recommendation. [27]
- Meyka, an AI‑driven prediction service, projects a more cautious 2026 price around S$0.71, i.e., slight downside from today, highlighting how purely quantitative models can diverge from human fundamental estimates. [28]
The broad takeaway:
- Human analysts mostly cluster in the S$0.88–1.00 zone, seeing mid‑teens to high‑20s upside if RWS 2.0 ramps smoothly and group‑level capital allocation doesn’t turn unfriendly.
- Algorithmic forecasts are more mixed, reflecting recent range‑bound trading and moderate volatility.
Technical picture: range‑bound with defined support and resistance
From a short‑term trading angle, Genting Singapore does not behave like a meme stock; it behaves like a big, liquid, slightly sleepy blue chip.
Technical service StockInvest.us describes the price action as a “horizontal trend” with the following features: [29]
- Recent closes between roughly S$0.735 and S$0.76.
- A projected 90% probability that the stock trades between about S$0.718 and S$0.80 over the next three months, unless a clear break‑out occurs.
- Short‑ and long‑term moving averages that still generate a mild “buy” signal, with the short MA above the long MA, but with some concern about higher volume on down days.
- Short‑term support near S$0.74 and resistance around S$0.755–0.76.
TradingView’s technical summary alternates between “sell”, “neutral” and “buy” across daily, weekly and monthly horizons, depending on which oscillators and moving averages are weighted most heavily, underscoring that short‑term signals are mixed rather than strongly directional. [30]
For investors with a multi‑year horizon, these technical reads mainly reinforce the idea that Genting Singapore is currently consolidating rather than trending.
Ownership structure: parent‑controlled but widely held
A recent breakdown from Simply Wall St shows: [31]
- Public companies (primarily Genting Bhd): around 53% of the share base.
- General public / retail investors: roughly 37%.
- Insiders: less than 1%, though this still represents about S$30 million in absolute value.
The upshot is that Genting Singapore is effectively controlled by Genting Bhd, with a large free float held by domestic and regional investors. This concentration of control makes parent‑level strategy and leverage – including the Genting Malaysia takeover and the New York expansion – critical for minority shareholders to track.
Key risks to watch in 2026
While the near‑term earnings recovery and 5%+ yield are attractive, several risk vectors are on the radar heading into 2026:
- Parent leverage and credit ratings
- Moody’s review for downgrade and CreditSights’ concerns about high debt at Genting Bhd, combined with the cost of the New York project and the Genting Malaysia takeover, may increase pressure to upstream more cash from Genting Singapore over time. [32]
- While that could mean higher dividends in the short to medium term, it also raises the possibility of “financial engineering” risk if the parent prioritises group needs over RWS’s long‑term reinvestment.
- Execution risk on RWS 2.0
- The S$6.8 billion upgrade is being rolled out in phases, but Q2 2025 showed that partial closures and construction can materially dent quarterly earnings. [33]
- Cost inflation, delays or weaker‑than‑expected response to new attractions would all chip away at the earnings ramp embedded in many broker models.
- Competition from Marina Bay Sands and regional IRs
- Marina Bay Sands has posted particularly strong post‑COVID results and continues to compete aggressively for VIP and premium mass customers. RWS’s estimated market share of around 28% of Singapore’s gross gaming revenue in Q3 highlights both its scale and its under‑dog status. [34]
- Macro and tourism sensitivity
- Singapore’s visitor numbers have largely normalised, but the business remains sensitive to global travel cycles, regional economic growth and regulatory changes affecting inbound tourism or cross‑border gambling.
Bottom line: how Genting Singapore looks after 5 December 2025
Putting it all together, Genting Singapore on 5 December 2025 looks like a yield‑plus‑growth proposition with a couple of important plot twists:
- The good news:
- Q3 2025 confirmed that the renovation‑hit trough is over, with revenue, EBITDA and net profit all up double‑digits year‑on‑year. [35]
- New assets under RWS 2.0 – Singapore Oceanarium, WEAVE and The Laurus – are clearly contributing to higher non‑gaming and mass‑market revenue. [36]
- The balance sheet is extremely strong, with billions in net cash and minimal debt. [37]
- At around S$0.735, investors are being paid north of 5% in dividends while they wait, with most analysts still modelling at least S$0.04 per share annually. [38]
- The open questions:
- Will Genting Bhd’s heavy expansion agenda, including New York and the Genting Malaysia takeover, lead to higher dividends from Genting Singapore – or to a more aggressive drain on its balance sheet than current valuations assume? [39]
- Can RWS 2.0 sustain double‑digit earnings growth over multiple years, or does the story flatten once the initial novelty of new attractions fades? [40]
Analyst targets clustering around S$0.90–0.95 suggest the street still sees meaningful upside from today’s price, but the prevalence of “Hold” or “soft Buy” labels rather than emphatic buys shows that this is no longer a deep‑value reopening trade. [41]
For investors tracking Genting Singapore into 2026, the story now hinges on three things: whether RWS 2.0 continues to translate capex into cash, how aggressively the Genting group leans on its Singapore cash pile, and whether that 5%+ yield stays a floor – or becomes a springboard for higher payouts.
References
1. www.investing.com, 2. www.investing.com, 3. stockinvest.us, 4. stocksguide.com, 5. stockanalysis.com, 6. theedgemalaysia.com, 7. agbrief.com, 8. www.ggrasia.com, 9. www.ggrasia.com, 10. www.ggrasia.com, 11. www.ggrasia.com, 12. www.ggrasia.com, 13. agbrief.com, 14. www.ggrasia.com, 15. www.ggrasia.com, 16. www.tipranks.com, 17. www.reuters.com, 18. asgam.com, 19. theedgemalaysia.com, 20. stocksguide.com, 21. growbeansprout.com, 22. sg.finance.yahoo.com, 23. growbeansprout.com, 24. growbeansprout.com, 25. sginvestors.io, 26. www.tradingview.com, 27. valueinvesting.io, 28. meyka.com, 29. stockinvest.us, 30. www.tradingview.com, 31. simplywall.st, 32. asgam.com, 33. www.ggrasia.com, 34. www.ggrasia.com, 35. theedgemalaysia.com, 36. www.ggrasia.com, 37. www.tipranks.com, 38. growbeansprout.com, 39. www.ggrasia.com, 40. www.ggrasia.com, 41. growbeansprout.com
