MBS Q4 operating profit down 29.1% due to lower win percentage for casino
Published on Jan 31, 2013 4:42 PM
Lady Luck was not smiling on Marina Bay Sands (MBS) in the fourth quarter of last year. The integrated resort's operating profit fell by 29.1 per cent to US$302.5 million ($374.4 million), the third straight quarter it has fallen.
The fourth quarter results of MBS' parent company Las Vegas Sands released Thursday, noted that operating profit was mainly affected by a lower win percentage for the casino at 2.14 per cent, compared to 3.34 per cent in Q4 of 2011. This reduced percentage means that players got luckier and the casino had to pay out more in winnings.
On the upside for MBS, high-rolling gamblers from key markets such as China bolstered revenue. They spent US$16.47 billion at the tables between September and December, up 53 per cent from the same period last year. Analysts put this down to a few premium players choosing to visit the casino this quarter, as well as the more stable political climate in China.
The hotel and mall segments of the integrated resort also did well, with strong revenue growth of 10.2 per cent and 11.5 per cent year-on-year.
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