Will Genting Singapore beat MBS in VIP growth?
ABOUT a month ago, Marina Bay Sands - the bigger of the two integrated resorts (IRs) in Singapore - disclosed it had rolled in some US$456 million (S$596 million) in fourth quarter 2017 earnings before interest, taxes, depreciation and amortisation (Ebitda), a measure of operating profit.
The figure was up 25 per cent from a year ago and capped MBS's FY2017 with a record Ebitda of US$1.76 billion - a "pretty extraordinary" feat according to the folks at Las Vegas Sands, given that MBS, which has more than 65 per cent of Singapore's S$5 billion-odd annual gaming revenue, failed to grow its VIP and mass market segments.
MBS's casino revenue, which contributes the bulk of MBS top line, grew 16 per cent to US$652 million in the fourth quarter. There was a 4 per cent decline in VIP turnover to US$7.9 billion and nearly 3 per cent fall in mass market table to US$925 million.
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