SINGAPORE — Marina Bay Sands (MBS), the iconic integrated resort situated on the beautiful waterfront of Marina Bay in Singapore, has reported a record-breaking Q2 2023, surpassing pre-Covid-19 earnings. The resort’s parent company, Las Vegas Sands Corp. (NYSE: LVS), released the news on Wednesday.
Marina Bay Sands is renowned for its luxurious offerings, which include a 2,561-room hotel, a massive convention-exhibition centre, the upscale shopping centre known as The Shoppes at Marina Bay Sands, and a museum, among other attractions. At its centre is the world’s largest atrium casino boasting 500 tables and 1,600 slot machines, a key revenue driver for the property.
For the quarter ending June 30, MBS achieved an impressive adjusted property Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of US$432 million, a 24 per cent increase from the US$346 million reported in Q2 2019. Compared to the previous year, adjusted property EBITDA was up by 35.4 per cent from US$319 million.
Net revenue for MBS experienced a 36.2 per cent year-over-year growth, leaping from US$679 million in Q2 2022 to US$925 million this quarter. Revenue from the casino, the resort’s leading source of income, increased by 29.8 per cent to US$649 million.
“We’re delighted with Marina Bay Sands’ remarkable performance across all sectors. Our mass gaming revenue has achieved another record high,” said Robert Goldstein, Chairman and CEO of LVS.
The integrated resort saw remarkable growth across various segments. Room revenue surged by 85.7 per cent to US$104 million, food and beverage revenue spiked by 75 per cent to US$84 million, and convention, retail, and other revenue climbed by 55 per cent to US$31 million. Mall revenue, however, remained stable at US$57 million.
Despite ongoing renovations in Singapore impacting the company’s margins and air travel from China not fully recovered, MBS is continuing its upward trend. The resort recently completed the renovation of more than 850 hotel rooms as part of a US$1 billion upgrade plan to cater to the increasing demand for luxury travel. The next renovation phase will be focusing on the ultra-luxe suites.
A US$4.5 billion expansion plan is slated to commence in April 2024, aiming to add a 1,000-room hotel tower and a live entertainment arena with a seating capacity of 15,000, among other amenities.
In the first half of 2023, MBS’ net revenue climbed 64.5 per cent year-on-year to US$1.77 billion. Meanwhile, adjusted property EBITDA increased by 87.7 per cent year-on-year to US$826 million.
Las Vegas Sands Corp., the global leader in developing convention-based Integrated Resorts, is keen to continue making investments that boost the appeal of their properties in Macao and Singapore. The company’s financial strength is underscored by its robust Q2 2023 performance, posting a net revenue of US$2.54 billion and a net income from continuing operations of US$368 million.
To further exhibit its financial confidence, LVS has resumed its program to return capital to stockholders. The company’s quarterly dividend has been reinstated at US$0.20 per common share, with the next dividend payment scheduled for 16 August.
