Marina Bay Sands records 9.7% rise in net profit for Q1

Marina Bay Sands has posted a net profit of US$435.2 million (S$547.7 million) for its first quarter this year, up 9.7 per cent from a year ago. -- ST FILE PHOTO: KUA CHEE SIONG
Marina Bay Sands has posted a net profit of US$435.2 million (S$547.7 million) for its first quarter this year, up 9.7 per cent from a year ago. -- ST FILE PHOTO: KUA CHEE SIONG

SINGAPORE - Marina Bay Sands has posted a net profit of US$435.2 million (S$547.7 million) for its first quarter this year, up 9.7 per cent from a year ago.

This was helped by strong growth in non-gaming revenue and a higher hold rate on VIP play, the Singapore casino said on Friday.

The casino posted total revenues of US$835.4 million, up 5.1 per cent from US$794.9 million a year ago. Mass market revenues grew slightly to US$4.65 million per day, compared with US$4.64 million a year ago.

Its parent, Las Vegas Sands (LVS) posted net profit of US$776.2 million, or 95 US cents a share, for the quarter, up from US$572 million, or 69 US cents a share, a year earlier. Revenue rose 21 per cent to US$4.01 billion.

LVS' Macao property portfolio delivered a record US$939.8 million of adjusted property earnings before interest, taxes, depreciation and amortisation.

Sheldon G. Adelson, LVS' chairman and chief executive officer, said: "The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."

The company paid a recurring quarterly dividend of 50 US cents per common share during the quarter, an increase of 42.9 per cent from a year ago.