Marina Bay Sands delivers record mass gaming, retail revenue in Q4
AMID robust tourism and travel spending recovery across all of Las Vegas Sands’ (LVS) markets, its integrated resort Marina Bay Sands (MBS) reported record levels of performance in both mass gaming and retail revenue for the fourth quarter ended Dec 31, 2022.
MBS’ net revenue contribution nearly doubled in Q4 2022, up to US$682 million from US$368 million in the same period in the year before.
On Thursday (Jan 26), the group also reported adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) of US$273 million for MBS, which was up from US$177 million in 2021.
This was largely driven by a surge in contributions from the casino segment, where rolling chip volume grew year on year to US$7.1 billion in Q4 2022 from just US$1.3 billion the year before.
Hotel occupancy at MBS also grew to 98.3 per cent in Q4 2022, from 79.1 per cent the previous year, while the average daily rate had more than doubled to hit US$550, up from US$259 a year ago.
Revenue per available room also showed significant gains, increasing up to US$541 from US$205 in Q4 2022.
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MBS’ positive performance was in stark contrast to most of LVS’ Macau casinos, which remained in the red.
On the group level, LVS reported a net revenue of US$1.1 billion and an operating loss of US$166 million, compared with the previous year’s net revenue of US$1 billion and operating loss of US$138 million.
Net loss from continuing operations narrowed to US$269 million from US$315 million in Q4 2021.
The world’s largest casino company also reported total adjusted property Ebitda of US$222 million, down from US$251 million in the prior year.
The group said it was “pleased to see the robust recovery continue at Marina Bay Sands during the quarter”.
According to Robert Goldstein, chairman and chief executive of LVS, the group is positioned “exceedingly well to deliver growth as travel restrictions are further relaxed and the recovery comes to fruition”.
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