CreditSights analysts believe Genting Singapore will borrow up to SGD2 billion ($1.56 billion) starting in 2027. The funds will go toward expanding the Resorts World Sentosa resort in Singapore. This is the research firm's estimate, not a statement from the operator itself.
The estimate is based on a report CreditSights prepared after meeting with Genting Singapore's investor relations team. According to the analysts, the operator wants to keep a minimum cash balance of SGD500 million to SGD1 billion. The borrowing instrument it will choose (bonds, a loan or something else) has not yet been determined.
In CreditSights' base case, Genting Singapore will borrow SGD1.5–1.75 billion in 2027–2028. By 2029, the company forecasts, the operator's current net cash position will disappear as reserves are consumed by capital expenditure and dividends.
The project in question is RWS 2.0, with a cost of SGD6.8 billion. CreditSights calls it expensive but necessary to maintain competitiveness. At the same time, the analysts doubt that the rise in profits will justify the costs; in their words, they are "more cautious than convinced." They link the resort's weakening market position to its location and execution problems.
The operator itself has not publicly confirmed the borrowing parameters, at least none appear in the materials found. The date of the CreditSights report is not given in the sources, and it is only known to be "recent." The next checkpoint for confirming or refuting the estimate is Genting Singapore's financial reporting and any possible announcements of debt issuance in 2027.
