How Marina Bay Sands is Extending Its Dominance in the Singapore Casino Market Over Resorts World Sentosa

• Gap widening between the two Singapore casinos
• Sands property’s Q2 earnings could exceed rival’s full-year number

In the vibrant landscape of Singapore’s casino market, a notable shift is occurring. In the vibrant landscape of Singapore’s casino market, a notable shift is occurring. The long-standing casino duo consists of Marina Bay Sands and Genting’s Resorts World Sentosa, but recent trends show a widening gap in performance favouring Marina Bay Sands, owned by Las Vegas Sands (NYSE: LVS).

According to a recent analysis from JP Morgan by analysts DS Kim, Sigrid Qiu, and Selina Li, Resorts World Sentosa saw its market share plummet to just 28% in the second quarter, marking a significant decline since its opening in 2010. The ongoing $5 billion expansion at Genting’s property may be a contributing factor to this downturn, although even accounting for hold-adjusted figures, Resorts World Sentosa continues to lag behind its competitor.

On a hold-adjusted basis, RWS’s market share was recorded at an all-time low of 31%. The analysts noted that although some of the downturn is due to renovations unconnected to gaming, it remains unexpectedly low given the structure of Singapore’s casino market designed as a ‘duopoly’.

During the June quarter, Resorts World Sentosa’s share fell from 33% at the start of 2025 and stands well below the apex of around 40% observed prior to the COVID-19 pandemic. In stark contrast, Marina Bay Sands has consistently outperformed expectations, posting record profits quarterly.

Marina Bay Sands Capitalizing on Rival’s Woes

As Resorts World Sentosa struggles with these setbacks, Marina Bay Sands is thriving. The Sands is renowned as one of the world’s most profitable casino hotels and has maintained its upward trajectory, posting exceptional financial results for the April to June periods of this year.

Sands CEO Robert Goldstein proclaimed that Marina Bay Sands delivered impressive financial and operational performance in Singapore. He outlined the company’s new suite offerings and elevated service as assets positioned for growth amid the rising interest in travel and tourism in Asia.

JP Morgan highlighted a profound disparity between the two resorts, with Marina Bay Sands capturing an overwhelming 87% within the profit share compared to Resorts World Sentosa’s mere 13%.

Resorts World Sentosa Can Bounce Back, but …

While there’s room for Resorts World Sentosa to recover, experts predict a significant change may not occur until they can fully leverage the newly opened Singapore Oceanarium, an upgraded shopping complex, and the upcoming Laurus Hotel, expected to be operational soon.

According to a recent research report from Maybank, the launch of the Laurus Hotel is anticipated to accommodate more VIPs and premium mass gamblers. It is hoped that this will facilitate a recovery in market share, particularly amongst mass market segments, which recently hit a dismal low of 25% in the second quarter.

Conclusion

The competitive landscape of Singapore’s casino industry continues to display a dynamic evolution, with Marina Bay Sands gaining considerable ground over its main competitor, Resorts World Sentosa. As the Sands capitalizes on its strengths and the rising tourism market, it remains to be seen how Resorts World Sentosa will adapt to reclaim lost market share.

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