Singapore's Marina Bay Sands Casino Sets New Revenue Record
LISTEN TO THIS ARTICLE:Las Vegas Sands (LVS), the parent company of Marina Bay Sands (MBS), announced that its integrated resort in Singapore has recorded substantial growth in gambling revenue for the second quarter of this year. The recently published financial report reveals that the property has significantly surpassed anticipated figures as it continues to regain traction.
Marina Bay Sands Continues Financial Improvement
Notably, the adjusted assets earnings before interest, taxes, depreciation, and amortization (EBITDA) for the three months ending on June 30 amounted to $432 million. This was a 24% increase from the $346 million reported for the same period in 2019, prior to the COVID-19 pandemic.
There was a significant year-on-year growth of 35.4% in adjusted property EBITDA, as well. This segment reached $319 million.
Compared to the same period in 2022, which saw $679 million, the net income for the quarter was $925 million. This represents a year-on-year improvement of 36.2%.
The main factor driving this growth was the increase in casino revenues, which rose by 29.8% and reached $649 million. Additionally, domestic revenue experienced growth of 85.7% and reached $104 million, while hotel revenue increased by 75% and reached $84 million.
Furthermore, there were also notable increases in computing, advertising, and other expenses, which saw a rise of 55% and reached $31 million. The slowest segment was the mall at MBS, which only saw revenue of $57 million, in line with previous levels.
In a recent investor call, LVS told participants that its margins in Singapore are being hindered by ongoing renovations. It's also dealing with lighter air traffic, with arrivals from China still below pre-COVID-19 levels. However, LVS Chairman and CEO Robert Goldstein stressed that the company's operations in Macau, where it has five properties, are not affected.
New Amenities Emerge
MBS revealed in April the completion of the transformation of 850 hotel rooms at the property. This significant achievement was just a fraction of their ambitious billion-dollar refurbishment initiative, designed to cater to the ever-increasing desire for luxury travel. Additionally, the renovation endeavor will give immense attention to the enhancement of MBS's opulent and exclusive suites, ensuring an unrivaled experience for the most discerning clientele.
Scheduled for April 2024, MBS also anticipates commencing its $4.5-billion expansion project. Revealed back in 2019, the plan incorporates a myriad of new amenities, including a new hotel tower boasting 1,000 rooms and a state-of-the-art entertainment center capable of accommodating up to 15,000 individuals. This expansion was part of an agreement LVS made with Singapore to retain its duopoly with Resorts World Sentosa.
From January to June 30, the net revenue of MBS experienced growth of 64.5% compared to the previous year, soaring from $1.1 billion to $1.8 billion. In the same period, the real estate EBITDA achieved an even higher increase of 87.7%, reaching $826 million in comparison to the previous year's $440 million.
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