Marina Bay Sands sees 112% rise in revenue for Q1

Marina Bay Sands has reported US$848m in revenue.

Singapore.- Las Vegas Sands has reported that Marina Bay Sands (MBS) contributed US$848m of the US$2.12bn in revenue the group recorded during the first quarter of the year, representing an annual rise of 112 per cent. The resort’s adjusted property EBITDA rose from US$121m to US$394m year-on-year.

Visitation from China remained low in the quarter, with flights below pre-Covid levels. MBS recorded hotel room occupancy of 97.6 per cent, although 500 rooms were out of inventory due to its suite renovation programme.

Rolling volume at Marina Bay Sands reached 99 per cent of pre-pandemic levels, at US$7.1bn, while mass revenue reached an all-time property record of US$549m.

Las Vegas Sands has started a US$1bn renovation project at Marina Bay Sands. 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.

The company had already remodelled MBS Towers One and Two, with a further US$600m to be invested as it brings on additional phases throughout 2023, and US$1.05bn going to the new hotel tower, arena, MICE facilities and luxury and entertainment offerings.

See also: Singapore grants 12-month extension for Marina Bay Sands expansion