Marina Bay Sands Q2 net revenue grows 36% on record mass gaming
INTEGRATED resort Marina Bay Sands (MBS) reached another record level of mass gaming revenue for the second quarter, as adjusted property earnings surpassed pre-Covid-19 levels.
The relaxation of travel restrictions and rising flight capacity supported visits, enabling market recovery. However, visits from China guests remained “well below” pre-pandemic levels, said parent company Las Vegas Sands (LVS) on Wednesday (Jul 19).
The group posted adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) of US$432 million for the three months ended Jun 30, 2023. This was 24 per cent higher than the US$346 million reported in Q2 2019.
Year on year, adjusted property Ebitda was up 35.4 per cent from US$319 million. On a hold-normalised basis, adjusted property Ebitda was US$413 million.
Net revenue contribution stood at US$925 million for the quarter, 36.2 per cent higher than the US$679 million recorded in the same period last year.
Revenue from casinos continued to be the main driver, rising 29.8 per cent to US$649 million. Mass wins reached an all-time property record of US$580 million while rolling chip volumes stood at US$6 billion.
A NEWSLETTER FOR YOU
Tuesday, 12 pm
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Room revenue rose 85.7 per cent to US$104 million, while revenue from food and beverage added 75 per cent to US$84 million.
Occupancy rates rose to 97 per cent in Q2, from 93.9 per cent in the same period the year before, while average daily rates rose 80 per cent year on year to US$597 from US$330.
Revenue per available room stood at US$579, up 86.8 per cent on the year from US$310.
Convention, retail and other revenue also experienced gains, rising 55 per cent to US$31 million.
Revenue at The Shoppes at MBS rose 2 per cent to US$57 million. The mall recorded US$51 million in operating profit with an operating margin of 89.5 per cent. Tenant sales per square foot stood at US$2,912 for the quarter.
For the six months ended Jun 30, net revenue was up 64.5 per cent on the year to US$1.8 billion from US$1.1 billion. Adjusted property Ebitda, meanwhile, was up 87.7 per cent year on year to US$826 million from US$440 million.
“In Singapore, Marina Bay Sands again delivered outstanding levels of performance in all segments, with mass gaming revenue reaching another record result,” said LVS chairman and chief executive Robert Goldstein.
Copyright SPH Media. All rights reserved.
