Marina Bay Sands’ net revenue more than trebles to US$756m in Q3 

ON the back of tourism recovery in Singapore, Marina Bay Sands’ (MBS) net revenue contribution more than trebled for the quarter ended Sept 30, up to US$756 million from US$249 million in the same period last year.

Adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) for MBS also grew more than 22 times to reach US$343 million, up from US$15 million in 2021.

This comes as most of the other properties under Las Vegas Sands (LVS), which also owns MBS, saw a fall in net revenue collected.

Hotel occupancy at MBS also registered a growth from 71.1 per cent last year to 96 per cent this year, while average daily rate had more than doubled to reach US$515, up from US$235 a year ago. Revenue per available room also reflected significant gains, rising up to US$494 from US$169 in Q3 2021.

Meanwhile, LVS’s Q3 results remained in the red, although its losses were narrowed to US$239 million from US$368 million last year, supported by the business recovery in Marina Bay Sands.

Net revenue for the group, which accounts for revenue from casino, rooms, food and beverage, mall, convention and retail, also improved up to US$1 billion in Q3, from US$857 million a year ago. (*see amendment note)

“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 Macao,” said Robert Goldstein, chairman and chief executive officer of LVS.

In its earnings call on Thursday (Oct 20), the group further announced plans to expand MBS with US$3.3 billion set aside to bring a “new luxurious hotel, entertainment, meetings, incentives, conferences, and exhibitions (MICE) and retail offerings” to the current property. The new expanded property is targeted to open in 2026, while the deadline to commence construction has been extended to April 2023.

In the meantime, LVS has also been working on a renovation of MBS’s tower one and two to introduce a “world-class suite product”. Renovation works are expected to be completed in phases in 2022 and 2023.

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According to Goldstein, such investments position the group well to deliver future growth as travel restrictions subside and the recovery in travel and tourism progresses.

*Amendment note: A previous version of the story incorrectly stated LVS’ net revenue. The group had in fact recognised a net revenue of US$1 billion in Q3, up from US$857 million in the same period last year.