Marina Bay Sands’ Q1 net revenue rises to US$848 million as casino takings hit new record
Vivienne Tay
INTEGRATED resort Marina Bay Sands continued to show signs of recovery in the first quarter of 2023, with mass gaming wins reaching an all-time property high.
Net revenue contribution stood at US$848 million for the three months ended Mar 31, 112.5 per cent higher than US$399 million recorded in the same period a year ago, driven mainly by casino earnings.
Mass gaming revenue reached a record US$549 million, parent company Las Vegas Sands (LVS) said on Wednesday (Apr 19).
The group posted adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) of US$394 million for MBS, up 225.6 per cent from US$121 million in the year-ago period.
Casino revenue was US$593 million, up 121.3 per cent from US$268 million in the year-ago period. Room revenue was US$97 million, up 155.3 per cent from the US$38 million recorded in the previous year.
Adjusted property Ebitda contributions from MBS were also the highest among LVS’ properties, contributing to 46.5 per cent of LVS’ net revenue, compared with 30.3 per cent in the same period last year.
This comes as occupancy rates rose to 97.6 per cent from 83.8 per cent in the year-ago period. Revenue per available room also rose 170 per cent year on year to US$580 million from US$215 million.
On a group level, LVS posted a net revenue of US$2.1 billion for the first quarter, up from US$943 million in Q1 2022. The group also recorded an operating income of US$378 million, reversing from a loss of US$302 million in the same period a year earlier.
LVS’ adjusted property Ebitda for the quarter was US$792 million, up from the US$110 million posted in the same period last year.
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