Marina Bay Sands
A slump in VIP play at Marina Bay Sands has dragged third-quarter earnings - before interest, tax, depreciation and amortisation - down 5.2 per cent to US$419 million (S$578 million) from the same period a year earlier.
Lower casino rolling chip volume - which typically refers to VIP play - tumbled 24.9 per cent from the same period a year earlier to US$7.1 billion for the three months ended Sept 30. Total casino revenue fell 8.7 per cent to US$532 million, as a 2 per cent increase in the mass win-per-day for non-rolling tables and slots failed to make up for the drop in VIP visitors.
The slower casino business offset growth in Marina Bay Sands' hotel and non-gaming businesses. Net revenue fell 2.9 per cent to US$766 million, although room revenue rose 12.8 per cent to US$106 million, while food and beverage sales were up 15.2 per cent to US$53 million. Mall revenue rose 4.8 per cent to US$44 million.
Chairman and chief executive Sheldon Adelson said retail tenant sales per sq ft at The Shoppes at Marina Bay Sands increased 22.2 per cent in the last 12 months.
Hotel occupancy was 97.5 per cent for the third quarter, up from 96.6 per cent for the same period last year. The average daily rate was US$466, up 4.3 per cent, while revenue per available room rose 5.3 per cent to US$455.
CapitaLand Mall Trust
CapitaLand Mall Trust (CMT) has posted a third-quarter distribution per unit of 2.92 Singapore cents, up 5 per cent from the same period a year earlier.
Gross revenue for the three months to Sept 30 was $170.5 million, up 0.7 per cent from the same period a year earlier although contributions from Junction 8, IMM Building, Plaza Singapura, Bedok Mall and Tampines Mall were partially offset by lower gross revenue from Sembawang Shopping Centre, which was divested in June, and lower occupancy and rental rates contracted on new and renewed leases from JCube and Bukit Panjang Plaza.
Net property income rose 1.1 per cent to $122.7 million. Distributable income rose 4.9 per cent to $103.5 million. Rental reversions were 0.6 per cent. This refers to the increase in current rental rates versus preceding rental rates, typically committed three years ago. Retention rate for tenants was 82.4 per cent.
Shopper traffic so far this year was down 1.8 per cent from September last year . Tenants' sales per sq ft per month in the same period rose 0.5 per cent.
Portfolio occupancy as at Sept 30 was 98.5 per cent, above the market occupancy level of 92.7 per cent, CMT said.