LVS’ gross gaming revenue (GGR) for both VIP and mass gaming segments were also at all-time record highs during the quarter. Non-gaming revenue too saw growth, attributable to higher room revenue, due to its suite renovation and refurbishment programme completed in 2Q2025.
In a local context, the Singapore Tourism Board (STB) reported that Singapore’s monthly international visitor arrivals only rose 4.9% in October 2025 and 4.8% y-o-y in November 2025, implying a seasonally weaker tourist visitorship q-o-q.
“We think this highlights that MBS’s revenue growth was outsized versus the broader tourism industry in Singapore,” says analyst Tay Wee Kuang, who also believes that this suggests that RWS could continue to see market share declines in 4QFY2025, which would translate to a softer 4QFY2025F adjusted Ebitda for GENS.
Overall, Tay believes that GENS will start to observe gradual y-o-y and q-o-q earnings growth from 1QFY2026. “We believe it should take time for GENS to ramp up profit contribution from its new attractions launched in FY2025, including the Singapore Oceanarium as well as its all-suite hotel The Laurus by Marriott, introduced in 2H2025 as part of RWS 1.5,” he adds.
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As at 3.05pm, shares in GENS are trading at 74 cents.
