Marina Bay Sands Extending Lead Over Resorts World Sentosa
Posted on: August 11, 2025, 01:47h.
Last updated on: August 11, 2025, 02:02h.
- Gap widening between the two Singapore casinos
- Sands property’s Q2 earnings could exceed rival’s full-year number
Singapore has a long-standing casino duopoly comprised of Marina Bay Sands and Genting’s Resorts World Sentosa, but that doesn’t imply the two are on equal footing. In fact, the gap is widening in favor of the Las Vegas Sands (NYSE: LVS) venue.
In a recent report, JP Morgan analysts DS Kim, Sigrid Qiu, and Selina Li point out that in the second quarter, Resorts World Sentosa notched Singapore market share of just 28% — an all-time low for the integrated resort that opened in January 2010. Some of the sluggishness at the Genting property is attributable to a $5 billion expansion effort, but even on a hold-adjusted basis, the venue is badly lagging the competing Sands casino resort.
Even on a hold-adjusted basis, RWS’s market share was at an all-time low of 31%,” according to the JP Morgan analysts. “While some of its weakness can be attributed to the disruptions from non-gaming renovation, it’s surprisingly low if one considers Singapore is supposed to be a ‘duopoly’ market with the similar level of investments and scale.”
Sentosa’s 28% share for the June quarter was lower than the 33% the integrated resort logged in the first three months of 2025, and well below the highs of around 40%, seen prior to the start of the coronavirus pandemic.
Marina Bay Sands Capitalizing on Rival’s Woes
While the Genting venue struggles, Marina Bay Sands is knocking the cover off the ball. Already one of the most profitable casino hotels in the world, the Sands property posted another set of record-breaking results for the April through June period.
“In Singapore, Marina Bay Sands once again delivered record financial and operating performance,” said Sands CEO Robert Goldstein in a July press release detailing the firm’s second-quarter results. “Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.”
MBS’ second-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) was so strong that the figure could outpace the full-year results from Resorts World Sentosa.
“MBS generated SG$1.0 billion (US$778 million) EBITDA in 2Q25 alone, which is about as much as what Genting Singapore could generate in FY25. “The gap — 87% vs 13% profit share — is strikingly large,” adds JP Morgan.
Resorts World Sentosa Can Bounce Back, but …
Resorts World Sentosa can rebound, but that resurgence isn’t likely to materialize until next year when it can garner full benefit newly opened Singapore Oceanarium, a refreshed shopping area, and the Laurus Hotel, which is expected to come online soon.
“The opening of the Laurus Hotel will enable Genting Singapore to house more VIPs and premium mass gamblers, and hopefully regain market share – especially in the mass market – which hit a new low of 25% in 2Q25,” noted Maybank in a recent research piece.
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