Genting Singapore may issue up to SGD2bn debt from 2027, says CreditSights

Genting Singapore Ltd could issue up to SGD2 000 million (US$1.56 billion) of debt from 2027 to help finance the Resorts World Sentosa expansion, according to a CreditSights note published after a meeting with the operator’s investor relations team. The report adds the company prefers to retain a minimum cash balance of SGD500 million to SGD1 000 million.

Planned quantum and timing

CreditSights expects Genting Singapore to raise between SGD1 500 million and SGD1 750 million of debt during 2027 and 2028, and that the company will lose its net cash position by 2029 as capital expenditure and dividend payments deplete current reserves. The specific financing instrument for the debt issuances has not yet been determined.

RWS 2.0 and EBITDA projections

The note reviewed the Resorts World Sentosa (RWS 2.0) expansion, the project valued at SGD6.8 billion, and its importance to the parent, Genting Bhd. RWS 2.0 includes two luxury hotels with 700 rooms, new attractions at Universal Studios Singapore and new retail, dining and waterfront promenade areas, with phased completions through 2030.

Genting Singapore’s investor relations team estimates EBITDA will recover incrementally between 2027 and 2030, surpassing SGD1 000 million from 2030 onwards. CreditSights offers a more conservative projection, with EBITDA of SGD863 million in 2030 and a base case that assumes modest revenue growth driven mainly by non-gaming activities.

Competitive and operational risks

CreditSights described the expansion as “an expensive but necessary investment” to remain competitive, and flagged uncertainty over whether the revenue uplift will justify the high capex. The analysts wrote:

“The key question for us and investors is whether RWS 2.0’s earnings uplift will be commensurate with its significant capex. We are more cautious than convinced,” attributed to Jonathan Tan Jun Jie and Lakshmanan R.

The note states Genting Singapore’s share of Singapore’s net gaming revenue was roughly 23% in the first half of 2026, down from 30% in 2024 and 43% in 2013. Marina Bay Sands, operated by a unit of Las Vegas Sands Corp, accounts for the remainder of the market. CreditSights attributed share losses to RWS’s location and execution weaknesses, while Marina Bay Sands benefits from a central location and luxury positioning that attracts premium players.

Operations, construction and the dividend

Casino refurbishments began in July 2026 and are being carried out pit by pit during lower-traffic periods, the investor relations team said, adding that most major disruptions are now behind them. About SGD4.7 billion of the RWS 2.0 budget remains, and the company said prevailing construction costs had already been built in and most contracts are fixed. Genting Singapore reaffirmed its intention to maintain a SGD0.04 per share annual dividend during the expansion.

The CreditSights note says Marina Bay Sands’ strength in the premium-mass segment could limit Genting Singapore’s ability to attract higher-spending customers or regain meaningful market share. The firm also warned that hotel closures and staggered refurbishments will continue to affect operations, despite the investor relations team’s view of lower future disruptions.

For further detail on the analysis, the full CreditSights report is summarised in the note. The Resorts World Sentosa project page can also be consulted for information on construction phases.