Genting optimistic on Resorts World Sentosa license renewal, cautious of Iran conflict repercussions

(AsiaGameHub) –   Genting Singapore Limited, the operator of Resorts World Sentosa, states it is “well-positioned” to secure a renewed three-year gaming license this year.

For the first time in the market, the Singapore Gambling Regulatory Authority (GRA) extended the resort’s gaming license on a provisional basis for two years instead of three in February 2024. Citing underperformance from 2021 to 2023, the authority questioned RWS’ ability to maintain “a compelling tourist destination.”

In response, RWS accelerated its US$5.3 billion waterfront expansion—designed to boost visitor numbers and support longer stays. Pledging to “strengthen its appeal as a premium lifestyle destination for locals and tourists,” it added a Minion Land theme park; the all-suite Laurus hotel; and an expansive dining and retail district named Weave. The Singapore Tourism Bureau (STB) listed the new Singapore Oceanarium among “notable additions” to the country’s tourism landscape.

During remarks to shareholders on Friday, Genting Singapore attributed the shortened license term to the global impact of the Covid-19 pandemic.

“Since then, the group has advanced its RWS 2.0 transformation in alignment with Singapore’s tourism strategy,” the company said. “The group is well-positioned for the next assessment cycle.” Genting made these comments ahead of its annual general meeting, scheduled for April 15.

Genting Singapore ‘navigating external uncertainties’

According to the STB, 19.9 million international travelers visited Singapore in 2025, up 2.3% year-on-year. The bureau expects 17 million to 18 million tourists this year, calling this “a measured approach given global economic uncertainty and political instability affecting travel patterns worldwide.”

Genting Singapore is similarly mindful of global tensions and their potential impact on tourism. “The group continues to actively monitor geopolitical developments in the Middle East,” it stated. “Given the evolving nature of the situation,” it will track “international travel flows, cost conditions and broader macroeconomic sentiment.”

“Over the longer term, the group’s diversified integrated resort offerings, strong financial position and Singapore’s status as a safe, well-regulated and well-connected destination support its ability to manage external uncertainties while maintaining operational resilience.”

Genting Singapore reported lower earnings for 2025 due to development costs, ongoing renovations and a reduced casino win rate. It posted a 17% year-on-year drop in adjusted EBITDA and a 3% year-on-year decline in group-wide revenue to US$1.93 billion. Gaming revenue fell 6% to US$1.26 billion, and net profits were down 33% from 2024. However, non-gaming revenue grew slightly—up 3% to $669 million.

In a 2025 CNBC interview, RWS CEO Lee Shi Ruh promised the resort will “be ready” when regulators reevaluate its license suitability ahead of the February 2027 renewal.