Marina Bay Sands posts EBITDA of US$649m in Q2
The resort’s room revenue rose by 85.7 per cent.
Singapore.- Las Vegas Sands has reported that Marina Bay Sands (MBS) generated a record US$432m in adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) for the three months ending June 30. That’s a 24 per cent increase compared to pre-pandemic figures. Year-on-year adjusted property EBITDA was up 35.4 per cent, reaching US$319m.
Net revenue was up 36.2 per cent in year-on-year terms from US$679m to US$925m. The primary driving force was revenue from casinos, which rose by 29.8 per cent to US$649m.
The resort’s room revenue rose by 85.7 per cent, contributing US$104m, while revenue from food and beverage grew 75 per cent to US$84m. Convention, retail, and other revenue saw an increase of 55 per cent, reaching US$31m. Mall revenue remained relatively stable, with a slight increase to US$57m.
Marina Bay Sands has recently completed the development of over 850 hotel rooms that are located in Towers 1 and 2 of the complex. The newly configured rooms and suites are part of the US$1bn renovation project the casino operator announced last February.
The project is separate from Las Vegas Sands’ commitment to the Singapore government in 2019 to invest S$4.5bn (US$3.3bn) in the expansion of the Marina Bay Sands hotel.
For the first half of 2023, MBS recorded net revenue of US$1.8bn, marking a 64.5 per cent increase compared to the same period last year. Adjusted property EBITDA rose by 87.7 per cent, reaching US$826m.
