SINGAPORE: Singapore’s Marina Bay Sands (MBS) earnings shot up by 51.1% in the first quarter of 2024, before interest, taxes, depreciation, and amortisation (EBITDA), hitting a massive US$597 million (approx. S$812 million).
This marks a hefty leap from the previous year’s numbers. But the good news doesn’t end there. Singapore Business Review reports net revenue has also soared to US$1.16 billion (approx. S$1.58 billion).
To put things into perspective, that’s a marked improvement from the US$848 million (approx. S$1.15 billion) recorded in the first quarter of 2023 and even higher than the preceding quarter’s US$1.06 billion (approx. S$1.44 billion).
So, what’s fuelling this surge? Las Vegas Sands (LVS), the company that owns MBS, says this jump is because more people are spending money on travel and tourism. It seems like people are enjoying what MBS has to offer.
In a statement released by LVS, Mr Robert Goldstein, chairman and chief executive officer, said, “We were pleased with our financial and operating results for the quarter, which reflect strong growth in both Macao and Singapore.
We remain deeply enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead as we execute our substantial capital investment programs 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,” he added.
MBS also reported a mass win worth US$687 million (approx. S$934.88 million) and a rolling volume of US$8.2 billion (approx. S$11.16 billion).
In addition, they reported a 95% occupancy rate, with an average daily rate (AFDR) of US$713 (approx. S$970.26).
But MBS isn’t stopping there. Las Vegas Sands plans to spend a whopping US$1.75 billion (approx. S$2.38 billion) to make MBS even better.
According to LVS, “Ongoing US$1.75b capital investment program will enhance the tourism appeal of Marina Bay Sands and help drive continued high-value tourism growth.” /TISG
Read also: Marina Bay Sands’ fourth tower, entertainment arena, expansion project to begin in July 2025