Genting Singapore Limited (SGX:G13), the owner of Resorts World Sentosa (RWS), is back in the spotlight after a stronger third quarter of 2025 and visible progress on its multi‑billion‑dollar expansion. With the share price hovering in the mid‑S$0.70 range and a dividend yield above 5%, investors are asking whether the stock offers attractive risk‑reward going into 2026. [1]
Below is a detailed, news‑driven overview of the latest results, expansion plans, analyst calls and near‑term forecasts as of 1 December 2025.
Key takeaways on Genting Singapore stock right now
- Share price & valuation
- Genting Singapore has recently been trading around S$0.75–S$0.76, with Friday’s close on 28 November at S$0.760 and recent data pointing to similar levels at the start of December. [2]
- The stock sits roughly 5–6% below its 52‑week high of S$0.80 (hit on 13 November 2025) and about 14% above its 52‑week low of S$0.66 (9 April 2025). [3]
- Market capitalisation is about S$8.8 billion, and the group remains in a net cash position of around S$3.0 billion, giving it financial flexibility to fund expansion. [4]
- Q3 2025 performance
- Revenue rose 16% year‑on‑year and around 10% quarter‑on‑quarter to S$649.8 million, with gaming revenue up 22% and non‑gaming revenue up 7% year‑on‑year and 33% quarter‑on‑quarter. [5]
- Adjusted EBITDA climbed ~36% year‑on‑year to S$222.7 million, while net profit increased 19% year‑on‑year to S$94.6 million. [6]
- Analysts describe Q3 2025 as a “meaningful recovery” from a weak second quarter, helped by reopened attractions and rebounding non‑gaming spend. [7]
- RWS 2.0: S$6.8 billion expansion
- Genting Singapore is in the middle of its RWS 2.0 programme, now budgeted at S$6.8 billion, up from S$4.5 billion originally, and fully funded by internal resources. [8]
- The broader plan includes a new waterfront development with ~700 extra hotel keys, the transformation of the S.E.A. Aquarium into the much larger Singapore Oceanarium, and new attractions like Minion Land and a future Super Nintendo World at Universal Studios Singapore. [9]
- Dividends & income profile
- Genting Singapore has kept its 2025 dividend at S$0.04 per share, similar to 2024, which translates into a trailing dividend yield of roughly 5.3–5.5% at current prices. [10]
- Analyst ratings & price targets
- Major brokers are largely positive: Maybank, OCBC and UOB Kay Hian rate the stock “Buy” with target prices around S$0.89–S$1.00, while DBS maintains a “Hold” at S$0.80; CGS International has an “Add” at S$1.05. [11]
- TradingView shows a consensus 1‑year price target of S$0.89 (11 analysts; high S$1.07, low S$0.70), with 13 analysts rating the stock a Buy. [12]
- Beansprout estimates a consensus target of about S$0.953, implying around 25–30% upside from the current S$0.755 region. [13]
- Technical & AI‑driven forecasts
- Technical site StockInvest.us flags Genting Singapore as a short‑term “buy candidate”, projecting a three‑month trading range of roughly S$0.727–S$0.81 with current support near S$0.74. [14]
- TradingEconomics forecasts the share around S$0.74 at the end of this quarter, suggesting largely sideways movement near current levels. [15]
- Several AI‑based models (for example, Meyka and others) show mildly bullish 1‑month momentum forecasts around S$0.77, but these are model‑driven and not traditional research. [16]
Genting Singapore share price and valuation snapshot
Market data from several platforms show Genting Singapore trading in a tight band in late November and early December 2025:
- Recent closes: around S$0.755–S$0.760 over the last few sessions. [17]
- 52‑week range:S$0.66 (low) to S$0.80 (high). [18]
- Market cap: roughly S$8.8 billion. [19]
- Balance sheet: net cash of about S$3.0 billion, which is unusually strong for a gaming operator and underpins ongoing capex. [20]
According to CGS‑CIMB (via TipRanks), Genting Singapore trades at around 5.2× 12‑month forward EV/EBITDA, which they see as attractive relative to regional gaming peers, especially given the company’s dominant position in a duopoly market and its sizeable net cash. [21]
Stocksguide notes that the counter is up about 5% year‑to‑date in 2025, but still down double‑digit percentage over the last 12 months, reflecting earlier share price weakness in late 2024 and early 2025. [22]
Q3 2025: gaming rebound and non‑gaming surge
Headline numbers
Multiple sources, including The Business Times, Inside Asian Gaming and GGRAsia, give a consistent picture of a strong third quarter: [23]
- Revenue: S$649.8 million
- +16% year‑on‑year
- ≈+10% quarter‑on‑quarter
- Gaming revenue: S$402.3 million
- +22% year‑on‑year
- Roughly flat vs Q2 2025
- Non‑gaming revenue: S$247.3 million
- +7% year‑on‑year
- +33% quarter‑on‑quarter
- Adjusted EBITDA: S$222.7 million
- +36% year‑on‑year
- +19% quarter‑on‑quarter
- Net profit: S$94.6 million
- +19% year‑on‑year
Maybank estimates that core net profit reached about S$113.2 million for Q3, up 25% year‑on‑year and 15% quarter‑on‑quarter, bringing 9M 2025 core net profit to S$361.8 million, or roughly 72% of its full‑year forecast. [24]
What drove the rebound?
Analysts attribute the stronger Q3 to a combination of:
- Reopened and new attractions at RWS
- Minion Land opened at Universal Studios Singapore in February 2025.
- A new research and learning centre followed in May 2025.
- The WEAVE lifestyle and retail precinct opened in July 2025, with tenant occupancy around 60%, targeted to reach 80% by end‑2025.
- The Singapore Oceanarium (the expanded, re‑imagined S.E.A. Aquarium) also opened in late July 2025 and is now roughly three times the size of the original aquarium, offering a more immersive educational experience. [25]
- Mass‑market gaming resilience
- Maybank and Nomura note that mass‑market gross gaming revenue (GGR) at RWS rose about 5% quarter‑on‑quarter, helped by higher visitor numbers and more events hosted on‑site. [26]
- VIP business stabilisation
- While VIP rolling volume slipped around 5% in Q3, partly due to more aggressive rebate structures from competitor Marina Bay Sands, Genting still benefited from improved VIP win rates, supporting gaming revenue. [27]
- Operating leverage and cost discipline
- With new attractions driving higher volumes through largely fixed infrastructure, EBITDA expanded faster than revenue—+36% vs +16% year‑on‑year—showcasing operating leverage as RWS 2.0 assets gradually ramp. [28]
Nomura does point out that, despite the improvement, Genting Singapore’s Singapore casino market share remains around 28%, with Marina Bay Sands still dominating, and that Q3 results came in slightly below their earlier expectations, mainly due to lower‑than‑hoped gaming contributions. [29]
RWS 2.0: S$6.8 billion expansion and growth engine
What is RWS 2.0?
RWS 2.0 is Genting Singapore’s multi‑year redevelopment and expansion plan designed to reposition Resorts World Sentosa as a more premium, experience‑rich integrated resort while defending market share against Marina Bay Sands and future regional competition.
Key components include: [30]
- A new waterfront development forming a “monumental gateway” to RWS and the emerging Greater Southern Waterfront, adding around 700 new hotel rooms, waterfront promenades, retail and F&B.
- The transformation of S.E.A. Aquarium into the Singapore Oceanarium, tripling its size and sharpening its educational and sustainability focus.
- The introduction of Minion Land at Universal Studios Singapore (already open) and, down the line, a planned Super Nintendo World area, further enhancing RWS’s draw for families and tourists.
- A complete refresh of the Forum outdoor area, integrating the WEAVE precinct and upgraded public spaces.
- Continued rollout over roughly eight years, implying a long pipeline of new attractions and capacity additions.
The total expansion budget has risen to about S$6.8 billion, but importantly, management has emphasised that it remains fully funded from internal resources and net cash, not requiring equity dilution. [31]
Short‑term pain, long‑term gain
The same construction works that underpin RWS 2.0 also caused operational disruptions in 2Q 2025, when certain attractions—including the predecessor S.E.A. Aquarium—were temporarily closed, dragging on earnings. [32]
Analysts now mostly view Q2 as the trough:
- Maybank describes Q3 as a “meaningful recovery” from the 2Q 2025 trough, and expects further improvements in 4Q 2025 as the Laurus Hotel (new 183‑suite luxury property under Marriott’s Luxury Collection) and new COO appointment help drive premium mass and non‑gaming growth. [33]
- Maybank forecasts that Genting Singapore’s 2026 EBITDA could recover by about 14% year‑on‑year to S$969.8 million, as RWS 2.0 disruptions moderate and new attractions reach steady‑state operations. [34]
At the same time, the macro backdrop is supportive. Asia Gaming Brief reports that Singapore has raised its 2025 growth outlook after tourism and hotel demand exceeded pre‑pandemic levels, which naturally benefits both RWS and Marina Bay Sands. [35]
Leadership transition at Genting Singapore and RWS
2025 has also been a year of management reshaping for Genting Singapore:
- Long‑time CEO Tan Hee Teck is set to fully retire by 30 November 2025. [36]
- From 1 June 2025, Executive Chairman Tan Sri Lim Kok Thay assumed the role of Acting CEO of Genting Singapore, combining strategic oversight with operational leadership. [37]
- Lee Shi Ruh, previously Group CFO, has become CEO of Resorts World Sentosa while retaining her CFO role, centralising both finance and on‑the‑ground operational execution. [38]
- Chen Si, an industry veteran with nearly two decades of experience and former CEO of INSPIRE Entertainment Resort in Incheon, South Korea, has been appointed COO of Resorts World Sentosa, effective 1 December 2025. [39]
The Business Times notes that the COO role at RWS had been vacant for three years, so this appointment is seen as part of a broader “leadership renewal and sustained operational performance” push as the resort transforms under RWS 2.0. [40]
For investors, this mix of continuity (Lim and Lee) and fresh operational leadership (Chen) is central to executing a complex, multi‑year capex plan while stabilising day‑to‑day operations.
Analyst ratings, price targets and stock forecasts
Sell‑side broker calls
SGInvestors and regional media compile a cluster of recent broker calls following the Q3 2025 results: [41]
- Maybank Research
- Rating: Buy
- Target price: S$1.00
- Thesis: Q3 shows meaningful recovery from Q2 trough; RWS 2.0 disruptions are temporary; strong net cash and tourism tailwinds support a positive outlook into 2026.
- DBS Group Research
- Rating: Hold
- Target price: S$0.80
- Thesis: Near‑term earnings still weighed down by construction and market share loss to Marina Bay Sands; upside more moderate vs peers.
- OCBC Investment Research
- Rating: Buy
- Target price: S$0.96
- UOB Kay Hian
- Rating: Buy
- Target price: S$0.89
- CGS International (CGS‑CIMB)
- Rating: Add / Buy
- Target price: S$1.05
- Notes RWS attractions ramp‑up, 5.5% dividend yield and about 5.2× forward EV/EBITDA, but flags tourism and win‑rate volatility as risks. [42]
The Edge Singapore summarises these as “‘Buy’ calls around the table for Genting Singapore; DBS maintains ‘hold’,” highlighting that most houses have become more constructive post‑Q3. [43]
Consensus and independent platforms
- TradingView
- Consensus 1‑year target: S$0.89
- Range: S$0.70 to S$1.07
- Analyst rating: Overall “Buy”, based on 13 analysts over the past three months. [44]
- Beansprout
- Consensus target: about S$0.953
- Implied upside: roughly 26% from S$0.755 current price. [45]
- Webull discounted cash‑flow (DCF) estimate
- Fair value: around S$0.93, about 4.9% above the S$0.89 consensus, suggesting the stock is close to DCF fair value based on their assumptions. [46]
- SimplyWallSt
- Forecasts earnings growth of roughly 11–12% per year over the medium term and suggests the stock still screens as undervalued on a DCF and P/E basis relative to its fundamentals, though details vary depending on inputs. [47]
Short‑term technical and AI forecasts
Several non‑broker platforms add colour to near‑term price action:
- StockInvest.us
- Labels Genting Singapore a short‑term “buy candidate” since late November, noting a horizontal trading range with a 90% probability band of around S$0.727–S$0.81 over the next three months.
- Highlights support around S$0.74 and nearby resistance at S$0.765–S$0.77. [48]
- TradingEconomics
- Projects the share to trade near S$0.74 by the end of the current quarter, implying mild downside or sideways consolidation around current levels. [49]
- Meyka AI & other models
- Meyka’s AI‑driven forecast sees short‑term bullish momentum with a 1‑month projection around S$0.77 from a current S$0.76. [50]
- Other AI models for the US OTC line (ticker GIGNF) even project triple‑digit percentage upside by 2026, but these are purely algorithmic and not widely relied upon by institutional investors. [51]
Overall, traditional sell‑side research is generally constructive, pointing to mid‑teens to high‑20s percentage upside from current prices, while quant and AI models mostly suggest modest near‑term upside within a relatively tight trading band.
Dividend profile and balance sheet strength
For income‑focused investors, Genting Singapore’s dividend track record and net‑cash balance sheet are central to the story.
Dividends
- The company has kept its 2025 dividend at S$0.04 per share, mirroring 2024. [52]
- SmartInvestor calculates this as a trailing dividend yield of about 5.4%, based on share prices in the S$0.70–0.75 range. [53]
- Yahoo Finance shows a forward dividend of S$0.04 and a forward yield of roughly 5.26%, with the most recent ex‑dividend date on 27 August 2025. [54]
- Genting Singapore’s own investor calendar and SGX announcements confirm an interim dividend record date of 5 May 2025 and payment on 27 May 2025, consistent with the annual S$0.04 payout. [55]
In short: Genting Singapore currently behaves like a high‑yield, cyclical tourism and gaming stock, offering a cash yield above 5% while it invests heavily in future growth.
Net cash and funding
The group’s net cash of around S$3.0 billion, against a market cap of about S$8.8 billion, gives it substantial flexibility to: [56]
- Fund RWS 2.0’s S$6.8 billion capex internally.
- Potentially maintain dividends through the construction phase.
- Absorb cyclical downturns in tourism or gaming demand without resorting to dilutive equity fund‑raising.
That balance sheet strength is a key reason why many analysts are comfortable modelling EBITDA growth into 2026 despite the ongoing construction disruption. [57]
Key risks investors should keep in mind
Despite the improving narrative, Genting Singapore is not risk‑free. Analysts and market observers highlight several important risk factors:
1. Competition from Marina Bay Sands
Marina Bay Sands (MBS), owned by Las Vegas Sands, has reported record Singapore results in 2025, and continues to gain market share in both VIP and premium‑mass segments. [58]
Nomura estimates that RWS’s Singapore market share is about 28%, with mass accounting for around 59% of its GGR, reflecting a notable shift of share to MBS versus pre‑pandemic years. [59]
If MBS continues to out‑spend on product and promotions, Genting Singapore may find it challenging to rebuild share in the high‑margin premium‑mass segment.
2. Construction disruption and execution risk
RWS 2.0 is a multi‑year S$6.8 billion brownfield project, and Q2 2025 already demonstrated how temporary closures can dent earnings. [60]
Potential risks include:
- Longer‑than‑expected closures of attractions.
- Cost overruns from design changes or inflation.
- Slower ramp‑up for new offerings like The Laurus and WEAVE, which are still not fully stabilised. [61]
3. Tourism and macroeconomic sensitivity
Genting Singapore remains heavily dependent on:
- Inbound tourism, particularly from China and the region, and
- Consumer discretionary spending on gaming and lifestyle.
A weaker global economy, new travel restrictions, or geopolitical tensions impacting cross‑border travel could all hit volumes at RWS and delay the realisation of RWS 2.0’s full earnings potential. [62]
4. Regulatory and license risk
In late 2024, the Gambling Regulatory Authority (GRA) renewed RWS’s casino licence for a shorter two‑year term starting 6 February 2025, rather than a longer horizon. [63]
While renewal is widely expected, the shorter term introduces:
- Uncertainty around future licence conditions, tax rates and non‑gaming obligations.
- Potential ESG‑related constraints, such as tighter responsible gaming rules, that could affect profitability.
5. Group‑level and overseas exposure
Genting Singapore is part of the wider Genting group, which is also pursuing capital‑intensive projects like the New York commercial casino bid via Genting Malaysia and Resorts World New York City. [64]
Although Genting Singapore itself remains net cash, investors often worry that:
- Group‑level financing needs could limit how much cash Genting Singapore can return via dividends, or
- Strategic decisions at parent level might alter capital allocation priorities over time.
What to watch in 2026
For investors following Genting Singapore into 2026, key catalysts and data points include:
- Q4 2025 and FY 2025 results
- These will show a full quarter of contributions from The Laurus and a more normalised level of operations for the Singapore Oceanarium and WEAVE.
- Analysts like Maybank and Nomura expect further recovery in Q4 and 2026 as new attractions ramp toward steady state. [65]
- Tourism and hotel statistics for Singapore
- Continued evidence that tourist arrivals and hotel occupancy remain above pre‑pandemic levels would support both gaming and non‑gaming revenue growth. [66]
- Regulatory updates from the GRA
- Any news on future licence renewal terms, tax or regulatory changes will be closely watched, especially as the current two‑year licence term progresses. [67]
- RWS 2.0 construction milestones
- Announcements of further phases (for example, progress on the waterfront expansion or Super Nintendo World) will shape the medium‑term growth profile. [68]
- Group‑wide developments at Genting
- Outcomes of the New York casino licence process and overall group capital plans may indirectly impact sentiment toward Genting Singapore, even if its balance sheet remains strong. [69]
Bottom line: how does Genting Singapore stock look going into 2026?
Putting all the current news and forecasts together:
- Fundamentals are improving. Q3 2025 showed a clear rebound in both gaming and non‑gaming revenue, with EBITDA and profit growing faster than revenue as new attractions ramp and RWS emerges from 2Q construction disruptions. [70]
- Growth engine in place. The S$6.8 billion RWS 2.0 programme—Singapore Oceanarium, Minion Land, WEAVE, The Laurus and future waterfront and theme park projects—gives Genting Singapore a multi‑year pipeline of expansion in a tightly supplied market. [71]
- Valuation and yield are appealing to many analysts. With a 5%+ dividend yield, a net‑cash balance sheet, and forward EV/EBITDA in the mid‑single digits, many brokerages see double‑digit percentage upside to their target prices, generally clustered between S$0.89 and S$1.05. [72]
- But risks remain. RWS still faces intense competition from Marina Bay Sands, near‑term construction disruption, macro and tourism uncertainty, and regulatory risk tied to its shorter licence term. [73]
For long‑term investors who are comfortable with tourism and regulatory cycles, Genting Singapore is widely viewed as a leveraged play on Singapore’s premium tourism, gaming and lifestyle sector, supported by a strong balance sheet and a large expansion pipeline.
However, this article is for information and news purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Anyone considering Genting Singapore stock should evaluate their own financial situation, risk tolerance and investment objectives, and, where appropriate, consult a licensed financial adviser.
References
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