Genting Singapore could raise as much as S$2 billion (US$1.56 billion) of debt from 2027 as the operator moves deeper into the S$6.8-billion Resorts World Sentosa expansion, according to a CreditSights assessment published on 21 October.
The estimate is not a financing announcement by Genting Singapore. It is CreditSights’ projection following a meeting with the company’s investor-relations team, as reported by GGRAsia. The research firm expects S$1.5 billion to S$1.75 billion of borrowing across 2027 and 2028, with the final instrument still undecided.
Cash preservation meets a S$4.7-billion funding requirement
CreditSights said Genting Singapore wants to retain at least S$500 million to S$1 billion of cash while approximately S$4.7 billion remains to be spent on RWS 2.0. It expects capital expenditure and dividends to remove the group’s current net-cash position by 2029.
The company’s own disclosures provide the operating context. Genting Singapore reported first-half 2026 revenue of S$1.2 billion and adjusted EBITDA of S$389.8 million. Its audited 2025 results recorded S$2.45 billion of external revenue and S$815.8 million of adjusted EBITDA, while noting significant RWS 2.0 cash outflows. The group says the expansion remains on track for completion by 2030.
Management also intends to maintain its annual S$0.04-per-share dividend through the build, according to CreditSights. That makes prospective borrowing commercially important: debt would preserve liquidity and shareholder distributions, but it would also introduce a new fixed claim on earnings as the resort competes for premium customers.
The return gap is the real story
RWS 2.0 is designed to add two luxury hotels with 700 rooms, expanded Universal Studios Singapore attractions and new waterfront, retail and dining facilities. Genting Singapore’s investor-relations team expects EBITDA to exceed S$1 billion from 2030. CreditSights’ 2030 forecast is materially lower at S$863 million, with most of the incremental benefit coming from non-gaming operations.
The divergence matters because the expansion is not occurring in a vacuum. CreditSights estimated Resorts World Sentosa’s share of Singapore net gaming revenue at about 23% in the first half of 2026, down from 30% in 2024, with Marina Bay Sands taking the balance.
Our view: the likely move from net cash towards leverage is manageable if RWS 2.0 meaningfully lifts room yield, visitation and premium-mass play. The bigger risk is not the debt itself; it is paying for a destination-scale transformation that improves non-gaming revenue without closing the casino earnings gap. Investors and suppliers should therefore watch phased openings, premium-mass share and cash conversion—not headline visitor numbers alone.
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