SINGAPORE – Higher casino takings saw Marina Bay Sands (MBS) deliver strong results for its fourth quarter ended Dec 31, 2023.
Net revenue for the Singapore integrated resort came in at US$1.1 billion (S$1.5 billion), up 55.6 per cent from the US$682 million recorded in the previous corresponding period, parent company Las Vegas Sands (LVS) reported on Jan 24.
“In Singapore, Marina Bay Sands once again delivered outstanding levels of financial and operating performance,” LVS said.
“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.”
MBS’ casino revenue surged 84.3 per cent to US$741 million from US$402 million the year before. The segment maintained its position as the largest revenue contributor for the quarter, while other segments posted improvements in performance.
Revenue from rooms grew 18.2 per cent to US$117 million from US$99 million, along with improvements in other segments, as recovery in travel and tourism spending at MBS continued during the quarter.
Hotel occupancy dropped 3.9 percentage points year on year to 94.4 per cent, from 98.3 per cent previously.
The average daily rate, however, rose to US$647 from US$550 in the same period the year before. This resulted in revenue per available room of US$611 compared with US$541.
MBS’ adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 99.3 per cent on the year to US$544 million from US$273 million. Ebitda margin stood at 51.3 per cent, compared with 40 per cent in the fourth quarter of 2022.
On a group level, MBS accounted for 36.4 per cent of LVS’ revenue, and 45.4 per cent of its adjusted property Ebitda.
LVS’ revenue stood at US$2.9 billion for the fourth quarter, up 161 per cent year on year. Adjusted property Ebitda, meanwhile, jumped to US$1.2 billion from US$222 million in the fourth quarter of 2022.
The fourth quarter results bring the group’s full-year revenue to US$10.3 billion, up 152.4 per cent from the US$4.1 billion recorded in 2022. Adjusted property Ebitda stood at US$4.1 billion for the full year, a jump from the US$732 million recorded in the year-ago period. THE BUSINESS TIMES
