"Hotel operations remained robust despite broader softness in Singapore’s hospitality sector, with occupancy edging up from 95% to 96% and average daily room rates climbing 5.8% to $1,260," says DBS.
For RWS, with major renovations (The Weave and The Oceanarium) largely completed in early 3Q2025.
"We believe the company is ready drive higher traffic and potentially higher gaming volumes growth. However, we believe growth is likely to continue lagging behind MBS, particularly in the VIP segment, as we understand that the company has conservative scaled back credit extensions to VIP customers and The Laurus, its new luxury hotel that serves as a key draw for premium players, officially opening only in 4Q2025," notes DBS.
For RWS, hotel performance could see only modest improvements in occupancy and room rates in 3Q, as mainstream tourists remain cost-conscious amid soft regional macroeconomic conditions and a strong SGD, leading to continued softness in Singapore’s mid-tier hospitality market. The planned opening of The Laurus in 4Q2025, catering to ultra-premium guests, could provide some uplift to the company’s hospitality segment, according to DBS' view. "That said, early reviews have been mixed as the company refines its approach to serving high-end clientele," says DBS, while remaining cautious on the near-term outlook.
