Shoppes at Marina Bay Sands revenue increases to US$55m

Shoppes had achieved 99.7 per cent retail occupancy in the quarter.
Shoppes had achieved 99.7 per cent retail occupancy in the quarter.

The shopping venue showed strong financial results in the April-June quarter.

Singapore.- Shoppes at Marina Bay Sands saw revenue increase from S$39m to US$55m in the three months to June 30, aided by the resumption of travel and easing of restrictions in Singapore. MBS said it achieved 99.7 per cent retail occupancy in the second quarter and that Shoppes was “well positioned as a one-stop destination with a well-balanced mix of luxe and premium offerings for both local and international shoppers.”

Hazel Chan, vice president of retail at Marina Bay Sands, said: “The strategy that we adopted in the last two years – maintaining our tenant mix integrity with a continued focus on the luxury sector and refocusing our efforts to acquire more local clientele – has paid off. 

“With the reopening of borders, we are also witnessing an influx of tourists with higher spending power and who desire curated experiences. Our strong ‘premium to luxe’ positioning has set us apart, allowing us to retain, acquire and grow our clientele base, especially ultra-luxe shoppers. 

“We will continue to identify and bring in even more exciting concepts to the retail mix that will elevate the overall shopping experience for our customers.”

For the second quarter, the company also posted net revenue of US$679m, up 107.6 per cent year-on-year. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose by 184.8 per cent to US$319m.

Casino revenue at Marina Bay Sands increased 124.2 per cent year-on-year to US$500m. Rolling chip volume for VIP play was up 781.4 per cent to just over US$5.39bn. The casino operator reported that the mass-market chip drop was just under US$1.14bn, up 105.6 per cent.

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