Marina Bay Sands net revenue up 34.3% in Q3
Net revenue reached US$1.015bn.
Singapore.- Las Vegas Sands has reported that Marina Bay Sands (MBS) generated net revenue of US$1.015bn in the third quarter of the year. The figure was up 34.3 per cent in year-on-year terms and up from US$925m in the previous quarter.
The venue generated US$491m in adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA). The figure was up 43.1 per cent year-on-year.
The casino segment remained the largest revenue contributor at US$698m, up 36.9 per cent from US$510m in the third quarter of 2022. Rolling chip volume grew 19.1 per cent to US$8.1bn, up from US$6.8bn in the same quarter a year earlier.
Revenue from hotel rooms at MBS increased by 35.9 per cent year-on-year to US$125m, with hotel occupancy improving by 0.3 points to 96.3 per cent.
Robert G. Goldstein, the chairman and CEO of Las Vegas Sands, said: “In Singapore, Marina Bay Sands again delivered outstanding levels of financial and operating performance. Our new suite product and elevated service offerings position us to deliver future growth as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.”
Las Vegas Sands has anticipated that costs for the expansion of its Singapore complex will surpass the SGD4.5bn (US$3.32bn) estimated in its 2019 agreement with the government of Singapore. The company said inflation, material and labour expenses and other factors have led to higher costs for work on the hotel expansion. Timeline disruptions caused by the Covid-19 pandemic prompted a supplementary agreement earlier this year, extending the project’s start and completion dates.
Marina Bay Sands has completed the development of over 850 hotel rooms in Towers 1 and 2. The newly configured rooms and suites are part of the US$1bn renovation project announced separately last February. Work is expected to conclude by the end of 2023.
