MBS revenue rises 7.2% to $1.54 billion in bumper Q4
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Net revenue stood at US$2.9 billion (S$3.9 billion) for the fourth quarter, down 0.7 per cent year on year.
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SINGAPORE – The numbers came up trumps for Marina Bay Sands (MBS) in a bumper final quarter of 2024.
The resort operator’s reported net revenue came in at US$1.14 billion (S$1.54 billion) in the three months to Dec 31, 2024, up 7.2 per cent from the US$1.06 billion recorded in the final quarter of the previous year.
The casino segment remained the largest revenue contributor at US$792 million, 6.9 per cent higher than the year-ago quarter, while rolling chip volume grew 11.5 per cent to US$8.07 billion.
Rolling chip volume is the total amount of bets made by high-end players at a casino property over a specific period, usually a month.
Room revenue grew 6.8 per cent year on year to US$125 million, but hotel occupancy dipped 0.1 percentage point to 94.3 per cent in the quarter.
The average daily rate improved to US$927 from US$647 in the year-ago quarter, resulting in revenue per available room of US$874, up from US$611 a year earlier.
Adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 1.3 per cent to US$537 million, while Ebitda margin for the last quarter slipped 4.1 percentage points to 47.2 per cent.
Mr Robert Goldstein, chairman and chief executive of MBS’ parent company Las Vegas Sands (LVS), noted on Jan 30: “Marina Bay Sands continued to deliver outstanding financial and operating performance.
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programmes in both Macau and Singapore, our pursuit of growth opportunities in new markets and our programme to return excess capital to stockholders.”
LVS had a less buoyant final quarter with net income of US$392 million, down from US$469 million in the fourth quarter of 2023.
Net revenue stood at US$2.9 billion for the fourth quarter, down 0.7 per cent year on year.
Capital expenditure at MBS in the final quarter was US$194 million, including outlays on construction, development and maintenance.
The resort’s second phase of its suite renovation and refurbishment programme
It will have about 1,850 rooms in its inventory by the second quarter of 2025, a number that includes 775 suites, higher than the original number of 180 suites before renovations started.
There were around 2,560 rooms and suites before the renovations began.
As at Dec 31, 2024, there are 702 suites and 925 rooms in service.
