Genting Singapore lags Marina Bay Sands as MBS extends gaming market lead to 81%
Marina Bay Sands has extended its lead over Genting Singapore, capturing an estimated 81% of Singapore's gaming market in 2025, according to analysts. Despite a stronger-than-expected second quarter, Genting Singapore's Resorts World Sentosa continues to lose share, though some observers believe los
Marina Bay Sands (MBS) has extended its lead over Genting Singapore's Resorts World Sentosa (RWS), capturing an estimated 81 per cent of Singapore's casino market in 2025, according to industry analysts. The gap has widened from a roughly two-thirds to one-third split that prevailed when the two resorts first opened around 2011, said George Choi, head of global gaming research at Citi Research.
Genting Singapore saw earnings before interest, taxes, depreciation and amortization (EBITDA) rise 12 per cent year-on-year to S$210.8 million in the second quarter, according to a company filing. DBS research analyst Chee Zheng Feng said the result was stronger than expected, particularly after a weak first quarter that management attributed to internal structural issues it says have largely been resolved.
Despite the improvement, MBS' adjusted EBITDA of S$689 million in the same period far exceeded Genting Singapore's. "From an absolute performance perspective, MBS continues to be the stronger operator," Chee said. "MBS maintains a clear lead in market share, profitability and premium customer penetration, and continues to gain share from RWS over the longer term."
Ben Lee, managing partner of Macau-based consulting firm IgamiX, said RWS simply had not been able to match the "luxuriate experience" of MBS, which has been a big draw for VIPs — the biggest spenders and most coveted casino customers. He put the 2025 market split at 81 per cent for MBS and 19 per cent for RWS, up from 51 per cent to 48 per cent when the resorts opened. "This long-term picture shows that there's very clearly a divergence in terms of fate and fortune," Lee said.
Choi said MBS has renovated its property, including converting rooms into suites, allowing it to charge average room rates of about S$1,000 a night. RWS has been slower in making upgrades, with renovations beginning more than two years after those at MBS, and its nongaming amenities only gradually reintroduced since the second half of 2025. RWS' new chief operating officer took over only in December 2024.
Both resorts have committed substantial capital to expansion. MBS' new S$8 billion tower, IR2, is scheduled for completion in 2030 and will include an all-suite ultra-luxury hotel, retail and F&B offerings, and a 15,000-seat live entertainment arena. Genting Singapore's S$6.8 billion RWS 2.0 project, also due in 2030, includes two new luxury hotels, a retail and dining podium, and a mountain trail. RWS is also expected to benefit from the Greater Sentosa Master Plan, which includes a transport hub to improve access from the mainland.
Chee expects MBS to retain 60 per cent to 65 per cent of Singapore's gaming market but sees little risk of RWS' share falling below 30 per cent again. Lee is less optimistic, arguing that gaming's volatility makes a longer-term view more useful than quarterly figures. Choi said it is too early to say whether the gap will narrow, noting that nongaming amenities will determine which resort stands out.
