Minion Land, Oceanarium grant earnings uplift potential to Genting Singapore

RWS’ Waterfront Development will further elevate the resort’s vibrancy, an analyst said.

Genting Singapore (GENS) is on track for earnings growth from more regional tourists and the opening of Oceanarium and Minion Land.

The opening of several non-gaming attractions throughout 2025, plethora of entertainment events such as Anime Festival Asia and Glow Festival 2025, and accelerated recovery of foreign visitations, will push GENS to deliver ‘meaningful’ earnings growth, said UOB Kay Hian analyst Jack Goh.

The Resorts World Sentosa’s (RWS) 21,243 square meter (sqm) Waterfront development will eventually add 700 hotel rooms and is expected to largely elevate the resort’s vibrancy.

RWS opened a new themed zone, Illumination’s Minion Land, in Universal Studios Singapore in mid-February 2025. The Singapore Oceanarium and a super luxury all-suite hotel are also slated for opening in Q3 2025.

Singapore achieved historical high tourism receipts in 2024, recovering to 82% of pre-pandemic levels in Q4 2024. Changi Airport’s total international seat capacity has also surged 15% year-on-year (YoY) to 41 million.

“We remain hopeful of steady improvement in foreign visitation which will prompt GENS’ gross gaming revenue (GGR) to inch towards the 2019 levels,” said Goh.

Another positive catalyst in the horizon is the possibility of casino legalisation in Thailand. Genting Group has signalled its interest in launching operations in Thailand. Whilst request for proposal may only begin in end-2025.

“If GENS can secure a Thailand casino license, mid- to long-term earnings and growth prospects will be elevated,” Goh said.