Genting Singapore’s financials are looking up; why is it still losing ground to Marina Bay Sands?

Genting Singapore's latest quarterly earnings for August showcased a surprise upward trend, yet it still trails behind Marina Bay Sands (MBS) in capturing the gaming market share in Singapore. DBS research analyst Chee Zheng Feng highlighted that Genting Singapore's Q2 adjusted Ebitda rose by 18 percent quarter-on-quarter to S$210.8 million, and this was up 12 percent year-on-year.

Chee considered the results as "positive surprises," especially considering that Q1 is typically a stronger quarter, with a weaker Q1 performance. Despite this, Genting Singapore's profits still lag far behind MBS's adjusted Ebitda of US$689 million in Q2, which was affected by the Fifa World Cup that started in June. To stay competitive, Genting Singapore is resorting to generous player incentives, which might be a typical approach for casinos in a competitive environment.

However, it's challenging to gauge the extent of business attracted by extending credit to players, as this is a common strategy for casinos. In terms of market share, MBS continues to lead, with Genting Singapore lagging behind. This is attributed to MBS's city-center location and high-quality positioning, attracting a larger share of tourists.

While RWS holds a VIP volume share ranging from 40 to 50 percent over the past few quarters, this figure has declined to 19.6 percent in Q1 2026, though it recovered to 36.4 percent in the most recent quarter. Genting Singapore's market share decline is expected to continue, with DBS' Chee estimating that MBS will retain between 60 and 65 percent of Singapore's gaming market.