Marina Bay Sands sees record gaming, retail revenue in Q4 as tourism rebounds

Marina Bay Sands' net revenue nearly doubled for the fourth quarter to US$682 million from US$368 million in the same period in the year before. PHOTO: ST FILE

SINGAPORE - Amid robust tourism and travel spending recovery across all of Las Vegas Sands’ (LVS) markets, its Singapore integrated resort Marina Bay Sands (MBS) reported a record performance in both mass gaming and retail revenue for the fourth quarter of 2022.

MBS’ net revenue nearly doubled in the fourth quarter of 2022 to US$682 million (S$895 million) from US$368 million in the same period in the year before.

It also reported on Thursday that adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 52 per cent to US$273 million from US$177 million a year ago.

This was largely driven by a surge in contributions from the casino segment, where rolling chip volume grew year on year to US$7.1 billion in the fourth quarter from just US$1.3 billion the year before.

Hotel occupancy at MBS also grew to 98.3 per cent in the fourth quarter, from 79.1 per cent the previous year, while the average daily rate had more than doubled to hit US$550, from US$259 a year ago.

Revenue per available room also showed significant gains, increasing to US$541 from US$205 in the fourth quarter.

MBS’ positive performance comes despite most of the Macau casinos under LVS remaining in the red.

On the group level, LVS reported a net revenue of US$1.1 billion and an operating loss of US$166 million, compared with the previous year’s net revenue of US$1 billion and operating loss of US$138 million.

Net loss from continuing operations narrowed to US$269 million from US$315 million in the fourth quarter of 2021.

The world’s largest casino company also reported total adjusted property Ebitda of US$222 million, down from US$251 million in the prior year.

The group said it was “pleased to see the robust recovery continue at Marina Bay Sands during the quarter”.

According to Mr Robert Goldstein, chairman and chief executive of LVS, the group is positioned “exceedingly well to deliver growth as travel restrictions are further relaxed and the recovery comes to fruition”. THE BUSINESS TIMES

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.