Marina Bay Sands sees record second quarter with revenue up 37% to $1.77 billion
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Parent company Las Vegas Sands drew down $1.13 billion on a loan facility to help fund its US$8 billion Singapore expansion.
PHOTO: SAFDIE ARCHITECTS
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SINGAPORE - Casino and hotel operator Marina Bay Sands (MBS) enjoyed a record second-quarter performance with net revenue surging 37 per cent to US$1.39 billion (S$1.77 billion) from US$1.02 billion a year earlier.
This sent its adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) for the three months to June up 50 per cent to US$768 million from US$512 million.
Mr Robert G. Goldstein, chairman and chief executive officer of parent company Las Vegas Sands (LVS), said that MBS delivered “record financial and operating performance”.
“Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.”
MBS casino revenue rose significantly, climbing 51.3 per cent to US$1.1 billion from US$706 million in the year-ago period.
Rolling chip volume was up 47.2 per cent to US$8.9 billion from US$6.1 billion.
Hotel revenue for the quarter grew 8 per cent to US$134 million, although hotel occupancy dipped to 95 per cent from 95.3 per cent.
The average daily room rate rose 11.4 per cent to US$888, lifting revenue per available room to US$844 compared with US$759 in the second quarter of 2024.
LVD also disclosed that it drew down $1.13 billion on a Singapore loan facility to fund the payment for the land premium on its US$8 billion Singapore expansion.
The strength of its Singapore and Macau casinos lifted parent LVS’ earnings by 15 per cent to US$3.18 billion, beating analyst forecasts for US$2.83 billion per data compiled by LSEG.
The new mega complex will comprise 570 luxury hotel suites, a casino, a 15,000-seat entertainment arena, 200,000 sq ft of meeting and convention space, and high-end restaurants. It is set to be completed by 2030 and to open in the first quarter of 2031.
Mr Goldstein said: “We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macau and Singapore as we realise the benefits from our recently completed capital investment programmes in both markets.”
LVS spent US$129 million on construction, development and maintenance at MBS in the second quarter.
For the first half year, MBS’ net revenue rose 17.3 per cent to US$2.55 billion, from US$2.17 billion for the same period in 2024. This sent Ebitda up 23.8 per cent to US$1.37 billion.
