Singapore’s casino landscape has long been defined by a duopoly between Marina Bay Sands (MBS) and Genting’s Resorts World Sentosa (RWS). However, recent performance trends show the balance tilting decisively in favor of Marina Bay Sands, widening the gap between the two integrated resorts at Trusted Online Casino Review.
According to a recent analysis by JP Morgan analysts DS Kim, Sigrid Qiu, and Selina Li, Resorts World Sentosa captured just 28% of Singapore’s casino market share in the second quarter — the lowest level since the resort opened in January 2010. While part of the slowdown can be attributed to disruptions from a US$5 billion expansion project, RWS continues to trail significantly behind its rival even on a hold-adjusted basis.
“Even on a hold-adjusted basis, RWS’s market share fell to an all-time low of 31%,” the analysts noted. “Although non-gaming renovations have played a role, the weakness is striking for a market that is meant to function as a duopoly with comparable investment scale.”
The June-quarter market share also marked a decline from the 33% recorded in the first quarter of 2025 and remained well below the pre-pandemic highs of roughly 40%. These trends are increasingly highlighted in industry analysis and Trusted Online Casino Review coverage focused on Singapore’s integrated resort sector.
Marina Bay Sands Capitalizes on Rival’s Struggles
As Resorts World Sentosa works through its challenges, Marina Bay Sands continues to deliver exceptional results. Already regarded as one of the most profitable casino resorts globally, MBS posted yet another round of record-breaking financial performance for the April-to-June period.
“In Singapore, Marina Bay Sands once again delivered record financial and operating performance,” said Las Vegas Sands CEO Robert Goldstein in the company’s second-quarter earnings release. “Our new suite products and enhanced service offerings position us well for further growth as tourism and travel spending across Asia continues to rise.”
Marina Bay Sands’ second-quarter EBITDA reached approximately SG$1.0 billion (US$778 million), a figure that could rival Resorts World Sentosa’s full-year earnings.
“MBS generated about as much EBITDA in 2Q25 alone as Genting Singapore may produce in FY25,” JP Morgan added. “The profit split — 87% versus 13% — underscores how wide the performance gap has become.”
Resorts World Sentosa Still Has a Path to Recovery
Despite current headwinds, analysts believe Resorts World Sentosa has the potential to regain momentum, though a meaningful recovery is unlikely before next year. The turnaround hinges on the full operational impact of several upcoming developments, including the newly revamped Singapore Oceanarium, upgraded retail offerings, and the soon-to-open Laurus Hotel.
“The launch of the Laurus Hotel should allow Genting Singapore to accommodate more VIP and premium mass-market players,” Maybank said in a recent research note. “This could help the resort claw back market share, particularly in the mass segment, which fell to a new low of 25% in 2Q25.”
Until those projects are fully realized, Marina Bay Sands appears well-positioned to maintain — and potentially extend — its commanding lead in Singapore’s tightly regulated casino market.
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