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The hold-adjusted market share for RWS fell to just 31% in the second quarter of 2025, the lowest in the company’s history. Its share of earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped to 28%, down from 33% in the first quarter and well below the pre-Covid average of around 40%.
JP Morgan described the figures as particularly concerning given Singapore’s casino market is a duopoly, dominated by RWS, owned by Genting Singapore, and Marina Bay Sands (MBS)