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Marina Bay Sands rakes in 13% higher Q3 profit on VIP volume growth
STRONG casino revenue, larger VIP volumes and continued cost discipline helped Marina Bay Sands (MBS) to grow earnings before interest, tax, depreciation and amortisation by 13 per cent to US$442 million for the third quarter of 2017.
Net revenue, defined as sales less promotional allowances, rose 4.1 per cent to US$793 million on the back of a US$37 million, or 6.3 per cent, increase in casino revenue, according to the latest results by Las Vegas Sands, the parent of the Singapore integrated resort.
Rolling chip win percentage was 3.29 per cent for VIP customers in the third quarter, inching above the 3.25 per cent from the year ago period, and above the expected range of 2.7 to 3 per cent. The volume of rolling chips rose 30.1 per cent to US$9.44 billion.
Non-rolling chip drop - for non-VIP players - was US$943 million during the quarter, with a non-rolling chip win percentage of 28.4 per cent.
Slot handle rose 5.8 per cent to US$3.66 billion for the quarter, while the slot hold percentage fell slightly to 4.2 per cent from 4.5 per cent.
Hotel occupancy declined by 1.7 percentage points to 96.6 per cent as revenue per available room fell 7.9 per cent to US$430 from US$467.
Sheldon Adelson, chairman and CEO of Las Vegas Sands, said that Marina Bay Sands' innovative programming, mass gaming play and non-gaming revenues "underpin the continued success of this industry-leading property", adding he was pleased to establish Marina Bay Sands as "a reference site" for other countries looking to capitalise on the integrated-resort business model.