Genting Singapore may take on up to SGD2bn debt to fund RWS 2.0 expansion

Genting Singapore Ltd could raise as much as SGD2 billion (US$1.56 billion) in debt from 2027 to help fund the SGD6.8-billion Resorts World Sentosa expansion, CreditSights said in a report published after a meeting with the operator's investor relations team. The research house expects Genting Singapore to take on SGD1.5 billion to SGD1.75 billion in debt during 2027 and 2028 while seeking to preserve a minimum cash balance of SGD500 million to SGD1 billion.

Funding plan and cash targets

CreditSights did not specify the debt instrument Genting Singapore would use for any issuance. The report noted the operator's investor relations team indicated a preference to retain a cash buffer of SGD500 million–SGD1 billion even as capital spending continues. The firm said approximately SGD4.7 billion remained under the RWS 2.0 budget and that most construction contracts were fixed, reducing some cost escalation risk.

Projections for leverage and earnings

CreditSights projects Genting Singapore will lose its current net cash position by 2029 as capital expenditure and dividend payments draw down reserves. The investor relations team expects earnings before interest, taxation, depreciation and amortisation (EBITDA) to recover incrementally between 2027 and 2030 and to exceed SGD1 billion from 2030 onwards. CreditSights was more conservative, forecasting EBITDA of SGD863 million in 2030 in its base case, which assumes only a modest uplift from RWS 2.0 driven mainly by non‑gaming operations.

"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," wrote analysts Jonathan Tan Jun Jie and Lakshmanan R.

The report said the funding instrument for any debt issuance had yet to be determined and that Genting Singapore reaffirmed an annual dividend of SGD0.04 per share through the expansion.

Market position and competitive dynamics

CreditSights examined the operator’s competitive position and its importance to parent company Genting Bhd. The research firm noted Genting Singapore’s share of Singapore’s net gaming revenue was about 23% in H1 2026, down from 30% in 2024 and 43% in 2013. The remainder of the market is held by Marina Bay Sands, operated by a unit of Las Vegas Sands Corp.

CreditSights attributed longer‑term market share losses to Resorts World Sentosa’s relative location disadvantage and execution weaknesses compared with its duopoly competitor, saying Marina Bay Sands’ central location and luxury positioning gave it better access to affluent gamblers, business travellers and convention visitors. The firm also flagged that hotel closures and phased casino renovations at Resorts World Sentosa would continue to affect operations, although the investor relations team said most major disruptions were behind it and that forthcoming work should be less disruptive. Casino upgrades began in July 2026 and will be done pit by pit during lower visitation periods.

RWS 2.0 scope and timing

RWS 2.0 comprises two new luxury hotels with 700 rooms, additional attractions at Universal Studios Singapore, and new shopping, dining and waterfront facilities. Completion of the new facilities is due progressively through to 2030. Genting Singapore’s investor relations team expects upgraded casino facilities, refurbished hotels and new luxury accommodation to strengthen appeal to premium‑mass customers, CreditSights recorded.

The report described RWS 2.0 as "a costly but necessary investment" to maintain competitiveness but questioned whether the resulting earnings would justify the spending. CreditSights therefore recommends caution on the scale of earnings uplift and highlights the potential for Marina Bay Sands to limit Genting Singapore’s ability to regain significant market share.