• MBS, competitor to RWS, reported strong y/y gaming volume growth across both VIP and mass segments, alongside robust hotel performance.
• With major renovations largely completed in 3Q25, RWS could similarly benefit from a resurgence in gaming volumes across all segments
• Hotel performance is likely to remain soft in 3Q25 in line with broader industry trends, but could rebound in 4Q25 with the opening of the ultra-premium Laurus Hotel, though early reviews 
• Maintain HOLD with TP of SGD0.80

What&rsquo s New

Marina Bay Sands (MBS), rival to Resorts World Sentosa (RWS), reported strong year-on-year gaming volume growth across all segments. VIP rolling volumes in SGD terms surged 34.5% y/y, while mass table and slot volumes rose 16.7% and 5.9%, respectively. Win rates also improved across the board, with the VIP segment rebounding from a low of 1.75% to 4.84%, driving a 272% y/y increase in VIP gaming revenue. Hotel operations remained robust despite broader softness in Singapore&rsquo s hospitality sector, with occupancy edging up from 95% to 96% and average daily room rates climbing 5.8% to SGD 1,260.

 

Our views

For RWS, with major renovations (The Weave  and  The Oceanarium) largely completed in early 3Q25, 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 4Q25. 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&rsquo s mid-tier hospitality market. The planned opening of  The Laurus  in 4Q, catering to ultra-premium guests, could provide some uplift to the company&rsquo s hospitality segment. That said, early reviews have been mixed as the company refines its approach to serving high-end clientele.  We remain cautious on the near-term outlook and maintain our HOLD call.