Will Genting Singapore beat MBS in VIP growth?

ABOUT a month ago, Marina Bay Sands - the bigger of the two integrated resorts (IRs) in Singapore - disclosed it had rolled in some US$456 million (S$596 million) in fourth quarter 2017 earnings before interest, taxes, depreciation and amortisation (Ebitda), a measure of operating profit.

The figure was up 25 per cent from a year ago and capped MBS's FY2017 with a record Ebitda of US$1.76 billion - a "pretty extraordinary" feat according to the folks at Las Vegas Sands, given that MBS, which has more than 65 per cent of Singapore's S$5 billion-odd annual gaming revenue, failed to grow its VIP and mass market segments.

MBS's casino revenue, which contributes the bulk of MBS top line, grew 16 per cent to US$652 million in the fourth quarter. There was a 4 per cent decline in VIP turnover to US$7.…