MBS Ebitda jumps 30.2% to new Q1 high of US$788 million on ‘high-quality investment’, ‘high-value tourism’

[SINGAPORE] Marina Bay Sands (MBS) charted another new high for the first quarter, with earnings climbing 30.2 per cent to US$788 million – or S$1 billion – for the three months ended Mar 31.

Its adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) was US$605 million in the corresponding year-ago period.

This came as net revenue picked up 27.9 per cent year on year to US$1.5 billion, from US$1.2 billion previously.

MBS’ Ebitda margin for Q1 increased by one percentage point to 53 per cent. If it had held as expected in its rolling programme, adjusted Ebitda would have been US$6 million higher.

“The outstanding financial and operating results at MBS reflect the impact of high-quality investment in (a) market-leading product, world-class service and the growth in high-value tourism,” said Patrick Dumont, president and CEO of parent company Las Vegas Sands (LVS), in a Wednesday (Apr 22) earnings call.

“Singapore is an ideal market for high-value tourism spending,” he said, noting the “tremendous success” of its ability to optimise its three pillars – people, product and service – in the country.

Breakdown by component

Casino income led the revenue increase for MBS, up 31.4 per cent at US$1.1 billion from US$857 million in the year-ago period.

Rolling chip volume more than doubled to US$18 billion, from US$8 billion the year before.

But mass win and slots is the main driver of profitability at MBS, Dumont said.

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He noted that the VIP segment is volatile, and can be concentrated. “So it is about visitation, and it is about bringing the highest-value patrons we have who want to be on a rolling programme into the building.”

With MBS’ new resort destination – one Dumont pictures as “the most luxurious and most highly amenitised hotel in the world” – being constructed, the company “will have more product to address this market and scale with it”, he added.

The new standard for luxury hospitality will “naturally attract very high-end patrons”, he noted. MBS’ expansion project will potentially create more inventory to smooth out VIP play, even though it will not be solely focused on VIP patrons, he explained.

“The more we invest in high-quality assets, the better service levels we have, the more we are going to differentiate the product that we have, and the more high-value visitation we are going to get.”

Dumont also acknowledged “structural tailwinds” supporting growth in Singapore and its strength as a tourism destination.

Besides the casino segment, revenue contributors for MBS included rooms (up 20.2 per cent at US$155 million), F&B (up 22.2 per cent at US$99 million), mall (up 11.3 per cent at US$69 million) and convention, retail and other (up 11.8 per cent at US$38 million).

Occupancy for its hotel improved marginally to 95.7 per cent. The average daily room rate picked up 8.8 per cent to US$1,006, while revenue per available room was up 8.9 per cent at US$963.

Driving group strength

This strong showing in Singapore – as well as in Macau – drove LVS’ improved performance.

Consolidated adjusted property Ebitda for Q1 was US$1.4 billion, up 24.6 per cent compared with US$1.1 billion in the prior year.

At the group level, net income was up 57.1 per cent at US$641 million, from US$408 million. Net income attributable to LVS was US$567 million, 61.1 per cent higher than US$352 million in Q1 2025.

Net revenue in Q1 2026 increased 25.3 per cent to US$3.6 billion, from US$2.9 billion the previous year.