Genting Singapore may borrow US$1.6bn to fund RWS 2.0 expansion, CreditSights says
CreditSights questions whether the SG$6.8bn redevelopment will deliver the returns needed to close the gap with Marina Bay Sands.
Key takeaways:
- Genting Singapore could raise up to SG$2bn (US$1.56bn) in debt from 2027 to fund its RWS 2.0 expansion.
- CreditSights expects the operator to incur SG$1.5bn to SG$1.75bn in debt across 2027 and 2028.
- The SG$6.8bn (US$5.3bn) redevelopment is intended to strengthen Resorts World Sentosa’s competitiveness in Singapore.
- CreditSights forecasts SG$863m in EBITDA for 2030, below Genting Singapore’s expectation of more than SG$1bn.
Singapore.- Genting Singapore could raise up to SG$2bn (US$1.56bn) in debt from 2027 to help fund its Resorts World Sentosa (RWS) 2.0 expansion while preserving cash reserves, according to financial research firm CreditSights. The firm expects the casino operator to incur between SG$1.5bn and SG$1.75bn in debt across 2027 and 2028, potentially ending its current net cash position by 2029.
The borrowing would support the SG$6.8bn (US$5.3bn) redevelopment of RWS, which CreditSights described as a “costly but necessary investment” to maintain competitiveness in Singapore’s casino duopoly. The operator aims to retain a minimum cash balance of SG$500m to SG$1bn, while the precise debt instrument has yet to be determined.
However, CreditSights questioned whether the project’s earnings uplift would justify the investment. Its analysts forecast earnings before interest, taxation, depreciation and amortisation (EBITDA) of SG$863m in 2030, below the more than SG$1bn that Genting Singapore’s investor relations team expects from that year. The research firm’s projections assume a modest earnings improvement, driven mainly by non-gaming operations.
Competition with Marina Bay Sands
CreditSights estimates that Genting Singapore’s share of the country’s net gaming revenue fell to approximately 23 per cent in the first half of 2026, from 30 per cent in 2024 and 43 per cent in 2013. The analysts attributed the decline partly to RWS’s location on Sentosa Island and execution challenges, while Marina Bay Sands benefits from its central location and strong appeal to affluent gamblers and business travellers.
RWS 2.0 includes two new luxury hotels with 700 rooms, casino upgrades, expanded attractions at Universal Studios Singapore and new retail, dining and waterfront facilities. The redevelopment is scheduled to be completed in phases through 2030. CreditSights cautioned that the investment may not enable RWS to regain significant gaming market share, particularly as Marina Bay Sands pursues its own expansion.
