Genting Singapore has reported earnings of S$145m (£84m) for the first quarter of 2025, down 41% from the same period last year. Genting’s revenue, both gaming-specific and overall, also decreased year-on-year, down 24% and 20% respectively, to S$437.5m and S$626.2m. 

According to the group, y-o-y earnings were hit by a lower VIP rolling win rate and the temporary closure of its Hard Rock Hotel for renovation. The group also faced weaker tourism compared to last year, helped in part by relaxed China-Singapore visa rules in 2024. 

Both overall revenue and earnings displayed modest 2% quarter-on-quarter growth compared to the closing quarter of 2024. Gaming revenue was up 5% compared to the S$415.6m reported in Q4 2024. 

Adjusted EBITDA for the quarter was S$235.8m, down 36% y-o-y compared to the S$369.5m reported in Q1 2024, but up by 5% from the previous quarter. 

Alongside posting its Q1 results, Genting Singapore also confirmed that its long-term CEO, Tan Hee Teck, is retiring from his position, effective 31 May. 

Tan has held the role of CEO since May 2022 and has been associated with Genting Singapore since February 2007 in various executive roles. He is also stepping down as the CEO of Resorts World Sentosa (RWS), a subsidiary of Genting. 

Tan Sri Lim, who is currently Genting Singapore’s Executive Chairman, has been appointed as Acting CEO, effective 1 July. However, Tan has committed to supporting a smooth transition until 30 November, when he will fully retire. 

Sri Lim commented: “[Hee Teck’s] leadership has been invaluable to Genting Singapore. Working alongside the team, he has been instrumental in building RWS into the world-class destination it is today. “He has also fostered a strong culture of innovation, excellence, and genuine camaraderie within the team. 

We are deeply grateful for his dedication and countless contributions – we will truly miss him, and we wish him the most wonderful and fulfilling retirement.” 

Genting’s gaming business, however, did benefit from Chinese New Year celebrations.

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