Marina Bay Sands posts 34.3% higher Q3 net revenue of US$1 billion
NET revenue for Marina Bay Sands (MBS) grew 34.3 per cent to US$1 billion for the third quarter ended September 2023 from US$756 million the year before, as travel and tourism spending in Singapore continued to recover over the quarter.
Las Vegas Sands’ (LVS) integrated resort in Singapore reported topline improvements across all its segments.
Its casino segment remained the largest revenue contributor at US$698 million, up 36.9 per cent from US$510 million in Q3 FY2022. Rolling chip volume grew 19.1 per cent to US$8.1 billion, from US$6.8 billion in the same quarter a year earlier.
Revenue from rooms at MBS grew 35.9 per cent year on year to US$125 million from US$92 million, as hotel occupancy improved by 0.3 percentage point to 96.3 per cent in the latest quarter.
The average daily rate improved to US$681 from US$515 in the year-ago quarter, resulting in revenue per available room of US$656 compared with US$494 a year earlier.
Adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 43.1 per cent year on year to US$491 million from US$343 million.
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MBS’ Ebitda margin for Q3 FY2023 grew three percentage points to 48.4 per cent.
“In Singapore, Marina Bay Sands again delivered outstanding levels of financial and operating performance. Our new suite product and elevated service offerings position us to deliver future growth, as airlift capacity continues to improve, and the recovery in travel and tourism spending from China and the wider region continues,” said LVS chairman and chief executive Robert Goldstein on Wednesday (Oct 18).
“Our financial strength supports our ongoing investment and capital expenditure programmes in both Macau and Singapore, our pursuit of growth opportunities in new markets, and the return of capital to stockholders.”
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On the group level, LVS returned to profitability in its third fiscal quarter with net income of US$380 million, as opposed to a net loss of US$239 million in Q3 FY2022. Net revenue stood at US$2.8 billion for Q3, representing a 178.1 per cent increase from US$1 billion in the previous year.
Adjusted property Ebitda came in at US$1.1 billion, or nearly six times of US$191 million in the year-ago period.
Including construction, development and maintenance activities of US$141 million at MBS, LVS’ capital expenditures for Q3 totalled US$330 million.
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