Management at Genting Singapore Ltd, which runs the Resorts World Sentosa casino complex in Singapore, believes the group is “well positioned” for the next assessment by the local authorities regarding its casino licence.
In November 2024, the Singapore government renewed the casino licence of Resorts World at Sentosa Pte Ltd, the operating entity of the casino resort, for two years – a period shorter than permitted under regulations.
That was due to an assessment the property had an “unsatisfactory” tourism performance between 2021 and 2023.
“The shortened renewal period reflected the assessment years affected by the Covid-19 pandemic and the gradual recovery of global tourism during that period,” Genting Singapore said in a statement issued on Friday.
“Since then, the group has progressed its RWS 2.0 transformation in alignment with Singapore’s tourism strategy and maintained close engagement with the relevant authorities,” the firm added.
The remarks were from written replies to questions submitted by Genting Singapore’s shareholders in advance of the company’s annual general meeting, scheduled for April 15.
Genting Singapore earmarked about SDG6.80 billion (US$5.34 billion currently) to upgrade and expand the property, as part of what is known as RWS 2.0.
In November 2024, the company broke ground for a new waterfront development at the complex, which is expected to be completed in 2030.
In February, Genting Singapore reported annual net profit of just over SGD390.3 million for full-year 2025, down 32.6 percent from the prior year. That was on revenue that fell 3.1 percent year-on-year, to SGD2.45 billion.
The casino group’s management said in the comments published on Friday, that its performance in 2025 “reflected a combination of cyclical volatility and transitional factors”.
That included “fluctuations in hold percentage and customer mix, as well as temporary disruption arising from asset enhancement works undertaken as part of the group’s broader repositioning efforts,” it added.
In early 2025, as part of the Resorts World Sentosa refresh, Genting Singapore launched Illumination’s Minion Land at Resorts World Sentosa’s Universal Studios Singapore, and July saw the opening of the Singapore Oceanarium and the launch of a revamped retail area dubbed “WEAVE”.
In October, the group opened The Laurus hotel, part of The Luxury Collection Hotels & Resorts portfolio.
The company also said in the Friday update that it maintains a “prudent and structured approach to credit underwriting, monitoring and collection”.
At the time of its annual results, the firm mentioned that as of December 31 last year, its net impairment on trade receivables amounted to SGD165.1 million.
“Impairment provisions are determined using a lifetime expected credit loss framework, based primarily on historical collection and write-off experience,” Genting Singapore noted.
“Management continues to balance revenue objectives with credit risk controls and actively pursues recovery of outstanding receivables,” it added.
