Singapore Sees Casino Revenue Rising Reveals Sands
Following the global pandemic, which put the world at a standstill, the brick-and-mortar casino industry has steadily started to recover. One of those markets that took a considerable hit was Singapore, with the casino industry a big part of the country’s revenue.
One of the key operators in the country is Las Vegas Sands, which owns the prominent Marina Bay Sands casino resort and is one of the most frequented.
During the third quarter of this year, the resort enjoyed an EBITDA (Earnings Before Interest, Tax and Depreciative Assets) of US$343 million - a firm indicator that the industry is on the up again in Singapore.
Increased Footfall Aided by Easing of Travel Restrictions
Strict travel restrictions have hindered the progress throughout 2022, especially in the first half of the year, though the reported numbers indicate that these are now gradually lifting.
While travel restrictions continued to impact our financial results this quarter, we were pleased to see further progress in Singapore’s recovery, with Marina Bay Sands reaching $343m in adjusted property EBITDA.
We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macau.
A strong net revenue of well in excess of US $1 billion further reflects the strong performance of this quarter, which is up on the corresponding quarter of last year, which recorded US $857 million in net revenue.
Meanwhile, net losses for the company during these contrasting periods were $380m (Q3 2022), compared with $594m (Q3 2021).
Flagship Reputation Ensuring Strong Recovery
There is no doubt one of the reasons for a quick return to increasing stability and pre-pandemic figures is the strength of the Sands brand, which has a major facility in Las Vegas.
An impressive structure next to the bay area in Singapore and of its prime location also helps to ensure that customers are attracted by the casino, with panoramic views across the bay area.
In addition to this, the volume of slot machines and table games, plus a wide range of restaurants, all help to make this a key brand asset, so it perhaps is not too much of a surprise that the figures have picked up.
Plus, one of the biggest industries in Singapore, aside from tourism which, again, is on the rise once more, is investment banking, with many of these institutions being VIP clientele at the Marina Bay Sands.
The beauty of the company as a whole is that it can rely on strong performances from its other venues if one is struggling - Las Vegas, in particular, has an impressive track record, also aided by the fact that it hosts live shows which attract tourists.
With tourism now firmly increasing following the lifting of travel restrictions, it should be relatively smooth sailing for the resort for the remainder of the year, while 2023 also offers a lot of promise.
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