TLDR Genting Singapore could raise up to SGD2 billion ($1.56 billion) in debt starting in 2027 to fund its Resorts World Sentosa expansion, according to CreditSights. The SGD6.8 billion “RWS 2.0” project includes two luxury hotels with 700 rooms and new retail, dining, and waterfront spaces. The company’s share of Singapore’s net gaming revenue fell to 23% in the first half of 2026, down from 30% in 2024. CreditSights expects 2030 EBITDA of SGD863 million, below the company’s target of more than SGD1 billion. Genting Singapore plans to keep paying an annual dividend of SGD0.04 per share during the expansion.
Genting Singapore could raise up to SGD2 billion ($1.56 billion) in debt starting in 2027. The money would help pay for the expansion of Resorts World Sentosa, according to research firm CreditSights.
The report followed a meeting between CreditSights and the casino operator’s investor relations team. The company said it prefers to keep a minimum cash balance of SGD500 million to SGD1 billion.
CreditSights reviewed the SGD6.8 billion project, known as “RWS 2.0.” It said the investment is needed for the resort to stay competitive, but it raised doubts about whether the project will pay off.
Debt Plans and Expansion Costs
CreditSights expects Genting Singapore to raise between SGD1.5 billion and SGD1.75 billion in debt during 2027 and 2028. The firm said cash flow will go toward building costs and dividends.
As a result, the company is not expected to hold a net cash position beyond 2029.
Analysts Jonathan Tan Jun Jie and Lakshmanan R. said the key question is whether earnings from RWS 2.0 will match the money spent. Their view was cautious.
The investor relations team said about SGD4.7 billion is left in the expansion budget. It added that current building costs are already included