Resorts World Sentosa suffers lowest market share in history, says JP Morgan
A new report from JP Morgan has stunned followers of Singapore’s casino and tourism industry, revealing that Resorts World Sentosa (RWS) posted its weakest quarterly performance since opening.
The hold-adjusted market share for RWS fell to just 31% in the second quarter of 2025, the lowest in the company’s history. Its share of earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped to 28%, down from 33% in the first quarter and well below the pre-Covid average of around 40%.
JP Morgan described the figures as particularly concerning given Singapore’s casino market is a duopoly, dominated by RWS, owned by Genting Singapore, and Marina Bay Sands (MBS), owned by Las Vegas Sands.
Both have invested heavily in infrastructure and facilities at similar levels, yet the latest data shows a widening performance gap.
In terms of results, MBS extended its lead decisively, reporting Q2 2025 EBITDA of S$1.0 billion (approximately US$778 million) — a figure JP Morgan said is almost equal to RWS’s expected full-year 2025 earnings. The disparity is even clearer in profit share, with MBS commanding 87% versus RWS’s 13%.
Analysts at JP Morgan partly attributed RWS’s slump to non-gaming renovations under its RWS 2.0 development programme. While aimed at boosting long-term tourism and entertainment capacity, the works have temporarily reduced visitor numbers and gaming revenue.
The investment bank does not expect a significant recovery until 2026, when new attractions are due to be completed and fully operational. These include the Singapore Oceanarium, a large-scale marine attraction; the revamped WEAVE retail area targeting premium shoppers; and the luxury Laurus hotel designed for VIP and mass premium guests.
Maybank has also voiced optimism for RWS’s future, noting that the Laurus opening will help Genting Singapore draw more high-spending customers — a key factor in reclaiming market share in the mass segment, which fell to just 25% in the latest quarter.
The bank is hopeful that leadership changes, with former chief financial officer Lee Shi Ruh now at the helm, will drive new strategies and improve RWS’s competitiveness against MBS.
The situation underscores the challenges of operating integrated resorts in a concentrated but fiercely competitive market. Continuous investment alone is not enough; management agility, speed of adaptation, and the ability to deliver superior guest experiences remain critical to long-term success.
For Singapore, which incorporates casinos into its global tourism strategy, the widening gulf between MBS and RWS is not just a financial matter. It is also a test of the vision and strategy of industry leaders to ensure both pillars of the sector grow in tandem, safeguarding the city-state’s reputation as a world-class destination.
