Genting Singapore Confident in Licence Renewal as It Tracks Geopolitical Risks and Tourism Outlook

Genting Singapore, the operator of Resorts World Sentosa, has stated that it is confident it will secure a renewed three-year gaming licence in 2027, while also closely monitoring how escalating geopolitical tensions, including the Iran conflict, could influence global tourism flows. The company has described itself as “well-positioned” to obtain the renewed licence, reaffirming its outlook ahead of the upcoming regulatory review cycle.

The renewal process follows an unusual decision by the Gambling Regulatory Authority of Singapore, which in February 2024 granted the resort a two-year provisional licence rather than the standard three-year term. That decision marked the first time such a shortened renewal had been issued in the market, with regulators citing weaker performance between 2021 and 2023 and raising concerns about whether Resorts World Sentosa could consistently operate as “a compelling tourist destination”.

In response to these concerns, the operator accelerated a major US$5.3 billion redevelopment programme aimed at revitalising the integrated resort and strengthening its positioning as a high-end tourism hub. The expansion includes a redesigned waterfront district intended to increase visitor numbers and encourage longer stays, alongside new attractions such as a Minion-themed entertainment zone, the all-suite Laurus hotel, and a large-scale dining and retail complex known as Weave. The Singapore Tourism Board also highlighted the addition of the Singapore Oceanarium as one of the notable enhancements to the country’s broader tourism offering.

In statements provided to shareholders ahead of its annual general meeting scheduled for April 15, Genting Singapore attributed the shorter licence duration primarily to disruptions caused by the global COVID-19 pandemic. The company said: “Since then, the group has progressed its RWS 2.0 transformation in alignment with Singapore’s tourism strategy,” adding: “The group is well-positioned for the next assessment cycle.” It reiterated that its ongoing transformation strategy is designed to restore competitiveness and reinforce its appeal to both regional and international visitors.

Genting Singapore also emphasised that it is actively managing external risks that could affect travel demand. The Singapore Tourism Board reported that 19.9 million international visitors arrived in Singapore in 2025, reflecting a 2.3% year-on-year increase, while forecasting between 17 million and 18 million arrivals for the current year. The board described this outlook as “a measured approach given global economic uncertainty and political instability affecting travel patterns globally”.

The company itself acknowledged that geopolitical instability remains a key factor influencing its outlook, particularly developments in the Middle East. It stated: “The group continues to actively monitor geopolitical developments in the Middle East,” and added: “Given the evolving nature of the situation,” it will continue tracking “international travel flows, cost conditions and broader macroeconomic sentiment”. Despite these risks, it expressed confidence in its long-term resilience, noting that its diversified integrated resort offerings, strong financial position, and Singapore’s reputation as a safe and well-regulated destination provide structural support for navigating external volatility.

Financially, Genting Singapore reported weaker results for 2025, attributing the decline to ongoing development spending, continued renovation works, and a lower casino win rate. The company recorded a 17% year-on-year drop in adjusted EBITDA, while group revenue fell 3% to US$1.93 billion. Gaming revenue decreased 6% to US$1.26 billion, and net profit declined by 33% compared with the previous year. In contrast, non-gaming revenue showed modest growth, increasing 3% to US$669 million, reflecting gradual diversification within the resort’s income streams.

In a 2025 interview with CNBC, Resorts World Sentosa chief executive Lee Shi Ruh stated that the resort would “be ready” ahead of the regulatory reassessment linked to the February 2027 licence renewal decision, reinforcing expectations that the upgraded destination will meet the requirements set by regulators in the next evaluation cycle.

By fLEXI tEAM