CreditSights: Genting Singapore may borrow up to SGD2bn from 2027 to fund Resorts World Sentosa expansion

Genting Singapore could raise as much as SGD2 billion ($1.56 billion) in debt from 2027 to finance the expansion of Resorts World Sentosa, according to research firm CreditSights. The funding would allow the operator to keep its cash reserves intact. Following a meeting with the company's investor relations team, CreditSights said Genting Singapore prefers to hold a minimum cash balance of SGD500 million to SGD1 billion.

The analysts, Jonathan Tan Jun Jie and Lakshmanan R., examined the SGD6.8 billion project, known as RWS 2.0. They described the investment as necessary for competitiveness but doubted its profitability, asking whether the earnings increase would be proportional to the capital spending. CreditSights expects Genting Singapore to raise SGD1.5 billion to SGD1.75 billion in debt between 2027 and 2028, with capital expenditure and dividends absorbing cash flow so that no net cash position remains beyond 2029.

According to the investor relations team, about SGD4.7 billion remains in the expansion budget. The company said current construction costs are already built in and most construction contracts are fixed, which limits the risk of further cost increases. It also reaffirmed plans to keep an annual dividend of SGD0.04 per share throughout the expansion.

The report points to a long decline in market position. Genting Singapore held 23% of Singapore's net gaming revenue in the first half of 2026, down from 30% in 2024 and 43% in 2013. Marina Bay Sands, run by a subsidiary of Las Vegas Sands Corp, holds the rest. CreditSights attributed the decline to Resorts World Sentosa's location disadvantage and weaker execution against its only competitor, and said Marina Bay Sands' central location and luxury positioning give it better access to affluent gamblers, business travellers and convention visitors.

RWS 2.0 includes two luxury hotels with 700 rooms, Universal Studios Singapore, and new retail, dining and waterfront areas, with completion phased through 2030. The company expects upgraded casino facilities and new accommodation to improve appeal among premium-mass customers, and anticipates annual EBITDA above SGD1 billion from 2030. CreditSights forecasts a lower SGD863 million for 2030, with growth driven mainly by non-gaming operations.

CreditSights warned that hotel closures and phased casino renovations will keep affecting operations. Management responded that most major disruptions are behind it. Casino upgrades began in July 2026 and are being done pit by pit during quieter periods rather than as a single overhaul.