Investment bank JP Morgan on Friday whacked Singapore’s Resorts World Sentosa (RWS) for what it described as a “strikingly large” gap in market share and profit share in the three months to 30 June 2025. It also noted that the property’s market-share had fallen to an all-time low of 28%, dropping below 30% for the first time ever.
The commentary followed release late Thursday of RWS’s Q2 financial results by operator Genting Singapore, which included an 8% quarter-on-quarter decline in gaming revenues to SG$401.9 million (US$313 million) and a 7% decline in Adjusted EBITDA to SG$235.8 million (US$184 million).
The lower results come with a caveat – RWS is currently undergoing extensive renovations to its existing amenities and is in the midst of its US$5 billion expansion project, while local rival Marina Bay Sands (MBS) exacerbated the contrast by printing record numbers – but JP Morgan analysts DS Kim, Sigrid Qiu and Selina Li remain unimpressed.
