Marina Bay Sands revenue up 55.6% in Q4
Net revenue reached US$1.06bn.
Singapore.- Las Vegas Sands has reported that Marina Bay Sands (MBS) generated net revenue of US$1.06bn in the fourth quarter of the year. The figure was up 55.6 per cent in year-on-year terms and up from US$1.5bn in the previous quarter.
Casino revenue was up 84.3 per cent year-on-year from US$402m to US$741m. Adjusted property earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 99.3 per cent to US$544m with a margin of 51.3 per cent, compared to 40 per cent in the fourth quarter of 2022. Full year 2023 total net revenue was up 53 per cent at US$3.85bn.
According to Las Vegas Sands, MBS accounted for 36.4 per cent of the company’s net revenue and 45.4 per cent of its adjusted property EBITDA.
Robert G. Goldstein, the chairman and CEO of Las Vegas Sands, said: “In Singapore, Marina Bay Sands once again delivered outstanding levels of financial and operating performance. Our new suite product and elevated service offerings position us well as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues to advance.”
LVS considers raising Marina Bay Sands revamp budget to US$4bn
A week ago, Deutsche Bank reported that Las Vegas Sands is likely to increase the budget for its Marina Bay Sands revamp project in Singapore to US$4bn.
The original budget for the project was US$3bn, including US$900m for the land premium, which was paid several years ago. However, last year, the company said inflation, material and labour expenses and other factors have led to higher costs for work on the hotel expansion.
