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Marina Bay Sands Singapore revenue hits a record $860m Q2 earnings

SINGAPORE – Integrated resort Marina Bay Sands (MBS) reached another record level of mass gaming revenue in the second quarter of 2023, as adjusted property earnings surpassed pre-Covid-19 levels, parent company Las Vegas Sands (LVS) said on Wednesday.

MBS posted adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) of US$432 million (S$572.5 million) for the three months ended June 30. This is 24 per cent higher than the US$346 million reported in Q2 2019.

Year on year, adjusted property Ebitda was up 35.4 per cent from US$319 million.

Net revenue surged 36.2 per cent to US$925 million for the quarter, from US$679 million in the same period in 2022.

Revenue from casinos continued to be the main driver, rising 29.8 per cent to US$649 million (S$860 million).

“In Singapore, Marina Bay Sands again delivered outstanding levels of performance in all segments, with mass gaming revenue reaching another record result,” said LVS chairman and chief executive Robert Goldstein.

Room revenue rose 85.7 per cent to US$104 million, while revenue from food and beverage added 75 per cent to US$84 million.

Convention, retail and other revenue also experienced gains, rising 55 per cent to US$31 million. Meanwhile, mall revenue was nearly flat at US$57 million.

Renovation disruptions in Singapore are affecting the company’s margins at its only Singapore location and air travel from China remains below pre-pandemic levels, the company told investors on a call. The company operates five properties in Macau.

MBS in April said it completed the renovation of more than 850 hotel rooms in Singapore as part of its US$1 billion upgrading plan to cater to the rising demand for luxury travel. The next phase of renovations will concentrate on MBS’ ultra-luxe suites.

MBS is also slated to begin work on a $4.5 billion expansion plan in April 2024. It announced in 2019 that it would be adding a 1,000-room hotel tower and a live entertainment arena capable of seating 15,000, among other facilities.

For the six months ended June 30, MBS’ net revenue was up 64.5 per cent on the year to US$1.8 billion from US$1.1 billion. Adjusted property Ebitda, meanwhile, was up 87.7 per cent year on year to US$826 million from US$440 million. THE BUSINESS TIMES, REUTERS

Source: The Straits Times 

Preview Image: Peter Wilkinson-White