Genting Singapore could tap debt markets for as much as S$2 billion (US$1.56 billion) from 2027 to complete the financing of its S$6.8 billion RWS 2.0 redevelopment, according to a new analysis by CreditSights. The projection underscores the significant capital commitments still ahead for the integrated resort operator as it works to keep pace with its principal Singapore rival, Marina Bay Sands.
In its assessment of the company’s funding position, CreditSights estimates that Genting Singapore will likely incur between S$1.5 billion and S$1.75 billion in new debt across 2027 and 2028 to support the remainder of the RWS 2.0 project. The projection follows earlier observations from Morgan Stanley, which in December 2025 noted that debt financing was a probable path for funding the remaining expenditure on the expansion.
The analysis comes as Genting Singapore’s financial results reflect the weight of the ongoing investment programme. The company’s net profit declined 34% to S$156.1 million in a recent reporting period, with continued RWS 2.0 expenditure weighing on earnings despite stable revenue.
A Large-Scale Transformation
RWS 2.0 is a multi-year redevelopment programme running from 2025 to 2030, designed to expand the resort’s gross floor area by approximately 50%. Key components of the project include:
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A waterfront lifestyle development, which broke ground in late 2024 and is targeted for completion by 2030
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Approximately 700 new hotel rooms, alongside a promenade, a man-made “mountain trail,” and an 88-metre-tall light sculpture
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New attractions, including Minion Land at Universal Studios Singapore and the Singapore Oceanarium, which replaces the former SEA Aquarium
The project was originally announced at a lower budget before being revised upward to S$6.8 billion, a figure the company has consistently reaffirmed as it repositions the resort as a broader lifestyle and leisure destination rather than a purely gaming-led property.
Competitive Pressure and Analyst Caution
The financing question arises against the backdrop of intensifying competition in Singapore’s integrated resort market. In February 2025, Marina Bay Sands secured a landmark S$12 billion (US$9 billion) multi-tranche syndicated loan – reportedly the largest financing of its kind in Singapore – to fund its own expansion, including a fourth tower. The development is intended to reinforce Marina Bay Sands’ position in the premium mass segment, where it has historically held an advantage.
CreditSights has characterized RWS 2.0 as a “costly necessity” for Genting Singapore, while raising questions about whether the expanded resort can effectively compete with Marina Bay Sands for premium customers. The research firm has also previously flagged concerns regarding the operator’s competitive positioning during the multi-year construction period.
The broader Genting group context adds another layer of scrutiny. Rating agencies have noted rising leverage across the group’s companies, with S&P Global anticipating in late 2025 that group-level debt could rise toward MYR 35 billion by 2028, and that the FFO-to-debt ratio could fall below 20% in 2026 and 2027 absent timely deleveraging measures.
