Analysts at Sanford Bernstein believe that the upgrade of Marina Bay Sands’ hotels will increase the number of players at the casino.
Singapore.- Vitaly Umansky and Louis Li, analysts at Sanford C. Bernstein Ltd, have said that the hotel upgrade at Marina Bay Sands will benefit its casinos. The company plans to upgrade the number of hotel suites from 150 to 450 as part of a US$1bn renovation project that will introduce a new suite product, although the overall number of rooms will be reduced.
Analysts said: “The additional suites should improve premium casino play, but it will come at the expense of some leisure, free independent traveller, and group customers, as a higher percentage of rooms will go to casino customers.”
Sanford Bernstein said an increase in premium casino play should benefit Marina Bay Sands’ performance because overall profits will be higher as the business mix changes.
The Casino Regulatory Authority of Singapore has recently confirmed that Marina Bay Sands has complied with the requirements of Singapore’s Casino Control Act and has been granted a three-year extension, effective April 26, 2022.
Net revenue from Marina Bay Sands fell to US$399m, down from US$426m in the first quarter of 2021.
Robert Goldstein, Las Vegas Sands CEO, said: “While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole.”
He added: “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.”
Singapore to remove Covid-19 test requirements for fully vaccinated visitors
Singapore National Tourism Board executive director Keith Tan has told a forum in Manila that Singapore aims to remove all Covid-19 tests requirements for fully vaccinated tourists within the next few weeks.
The city-state has already lifted most of its restrictions on vaccinated travellers, and visitors can now enter without quarantine or testing on arrival. From April 1, those who have been fully vaccinated have been allowed to enter Singapore with only a pre-departure negative Covid-19 test result.