Visitor numbers to drive recovery at Marina Bay Sands Singapore

THE growing tally of visitors is expected to drive recovery for Marina Bay Sands Singapore. The resort hotel generated positive earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter ended Mar 31, owner and operator Las Vegas Sands reported on Wednesday (Apr 27).

Las Vegas Sands, which also owns, among other properties, The Parisian Macao and Four Seasons Hotel Macao, said that it also secured positive adjusted property Ebitda for the company as a whole during the quarter.

Chairman and chief executive officer Robert G Goldstein noted that while pandemic-related travel restrictions have been limiting visitations, the company is confident in the recovery of travel and tourism.

“We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macau and Singapore," he said.

Despite the bullish outlook, the company’s net revenue was down 21.2 per cent to US$943 million in the first quarter of 2022, from US$1.2 billion in the same period last year.

Capital expenditures totalled US$137 million, including construction, development and maintenance activities of US$84 million in Macau, US$50 million at Marina Bay Sands and US$3 million in “corporate and other”.

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Net loss from continuing operations was US$478 million, compared to US$280 million in the first quarter of 2021. However, the quarter also saw a US$2.86 billion gain on disposal of discontinued operations. This led to a net income of US$2.53 billion for the 3 months, compared to a net loss of US$278 million in Q1 2021.

Las Vegas Sands added that it will be investing in the capacity expansion and enhancements of its portfolios in both Macau and Singapore.