Resorts World Sentosa confident it will win new three-year licence

Genting Singapore Ltd, which operates Resorts World Sentosa, says it is “well-positioned” to win a renewed three-year gaming licence this year.

In a first for the market, the Singapore Gambling Regulatory Authority (GRA) renewed the resort’s gaming licence on a provisional basis, for two years instead of three, in February 2024. Citing underperformance from 2021 to 2023, it questioned RWS’ ability to maintain “a compelling tourist destination”.

In response, RWS accelerated a US$5.3 billion waterfront expansion designed to boost visitation and support longer stays. Pledging to “strengthen its appeal as a premium lifestyle destination for locals and tourists”, it added a Minion Land theme park; the all-suite Laurus hotel; and an expansive dining and retail district called Weave. The Singapore Tourism Bureau (STB) listed the new Singapore Oceanarium among “notable additions” to the tourism landscape.

In remarks to shareholders Friday, Genting Singapore attributed the abbreviated licence term to the global impact of the Covid-19 pandemic.

“Since then, the group has progressed its RWS 2.0 transformation in alignment with Singapore’s tourism strategy,” it said. “The group is well-positioned for the next assessment cycle.” Genting made the comments in advance of its annual general meeting, slated for 15 April.

Genting Singapore ‘managing external uncertainties’

According to the STB, 19.9 million international travellers visited Singapore in 2025, up 2.3% year on year. It expects 17 million to 18 million tourists this year, “a measured approach given global economic uncertainty and political instability affecting travel patterns globally”.

Genting Singapore is likewise mindful of global tensions, and their potential impact on tourism. “The group continues to actively monitor geopolitical developments in the Middle East,” it said. “Given the evolving nature of the situation,” it will monitor “international travel flows, cost conditions and broader macroeconomic sentiment”.

“Over the longer term, the group’s diversified integrated resort offerings, strong financial position and Singapore’s status as a safe, well-regulated and well-connected destination support its ability to manage external uncertainties while maintaining operational resilience.”

Genting Singapore posted lower earnings for 2025 due to development costs, continuing renovations and a lower casino win rate. It posted a 17% year-on-year drop in adjusted EBITDA and a 3% year-on-year decline in group-wide revenue to US$1.93 billion. Gaming revenue was down 6% to US$1.26 billion, and net profits were down 33% from 2024. But non-gaming revenue grew slightly, up 3% to $669 million.

In a 2025 interview with CNBC, RWS CEO Lee Shi Ruh promised the resort will “be ready” when regulators reevaluate its licence suitability ahead of the February 2027 renewal.

Marjorie Preston

Marjorie began her gaming career in 2007 and has focused on Asian gaming markets since 2020. Outside of work, she writes about travel and film and plays the drums.