Marina Bay Sands sees profit surge 51.5% to $812 million in the first quarter of 2024

Source: The Straits Times
Author: Sue-Ann Tan

SINGAPORE - Marina Bay Sands (MBS) reported a record performance in the first quarter of 2024, with profit surging 51.5 per cent year on year.

Its adjusted property earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at US$597 million (S$812 million) for the three months to end-March, up from US$394 million a year ago.

This came as revenue rose 36.8 per cent to US$1.16 billion, from US$848 million in the first quarter of 2023.

MBS helped drive up earnings of its parent company, casino giant Las Vegas Sands (LVS) that were announced on April 17.

Chairman and chief executive officer Robert Goldstein said in a statement that LVS' results "reflect strong growth in both Macao and Singapore".

"In Singapore, Marina Bay Sands once again delivered record levels of financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as airlift capacity continues to improve and travel and tourism spending in Asia continues to advance."

LVS' net revenue reached US$2.96 billion, up from US$2.12 billion in the same period last year. MBS' share of this rose to 51.6 per cent from 46.5 per cent a year ago.

LVS' net income was US$583 million, compared with US$145 million a year ago, beating analyst estimates of US$460.18 million.

MBS' casino revenue jumped 44.9 per cent to US$859 million from US$593 million the year prior, as the rebound in travel and tourism spending continued during the quarter.

Revenue from hotel rooms grew 29.9 per cent to US$126 million from US$97 million.

While hotel occupancy dropped to 95 per cent, from 97.6 per cent in the year-ago quarter, the hotel's average daily rate rose to US$713 from US$594. This resulted in revenue per available room of US$677, up from US$580.

LVS said it expects further growth as it executes capital investment programmes across both Singapore and Macau.

It announced earlier this month that full-scale construction of MBS' expansion - which includes a fourth tower and a 15,000-seat entertainment arena - will begin by July 2025, with completion targeted for July 2029.

Said Mr Goldstein: "Our financial strength and industry-leading cash flow support our ongoing investment and capital expenditure programmes in both Macao and Singapore, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders."