Marina Bay Sands “delivered outstanding levels of performance in both mass gaming and tenant sales”, according to the most recent results from parent company Las Vegas Sands, with the property contributing $848 million of the $2.12 billion in revenue the group recorded during the period.
The figure is an annual rise of 112 percent in MBS revenue.
Adjusted property EBITDA also saw strong gains, rising to $394 million, from $121 million in 1Q22, just shy of the same figures from its Macau operations.
Rolling volume at Marina Bay Sands reached 99 percent of 1Q19 levels, at $7.1 billion, while mass revenue reached an all-time property record of $549 million (122 percent of 1Q19 levels).
The figures come despite visitation from China remaining ‘subdued during the quarter as airlift remained well below pre-Covid levels’.
Despite this, the property recorded hotel room occupancy of 97.6 percent during the period, despite 500 rooms being out of inventory due to the suite renovation program.
The group is currently undergoing a $3.6 billion expansion and renovation project, of which some $1.45 billion has already been spent – $400 million of which went into the renovation of MBS Towers One and Two, with a further $600 million to be invested as it brings on ‘additional phases throughout 2023’, and $1.05 billion going to the new hotel tower, arena, MICE facilities and luxury and entertainment offerings.
The further $2.25 billion investment in the new hotel tower is expected to accelerate the group’s development with a targeted opening of the new facilities in 2027.
Speaking of the group’s ongoing investments, LVS Chairman Rob Goldstein notes that “Our financial strength supports our ongoing investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”