Marina Bay Sands (MBS) has announced its performance in the first quarter of 2024, with profits skyrocketing by 51.5% year-on-year to $811.4 million. This surge in profitability coincides with an increase in MBS' casino revenue, which soared by 44.9% to $859 million from the previous year's $593 million, per The Straits Times.
How Marina Bay Sands Saw Record Profits
The uptick in revenue is attributed to the ongoing resurgence in travel and tourism spending, which was particularly notable during the quarter. Taylor Swift's Eras Tour also brought millions of dollars from local and international fans.
As part of the broader success story, MBS greatly contributed to the improved earnings of its parent company, Las Vegas Sands (LVS).
Chairman and CEO Robert Goldstein acknowledged the strongly consistent growth in both Macau and Singapore, pressing MBS' record financial and operating performance.
For context, LVS' net revenue surged to $2.96 billion, up from $2.12 billion in the same period last year, with MBS' share increasing to 51.6% from 46.5%.
Interestingly, the major growth in net income, reaching $583 million compared to $145 million a year ago, exceeded analyst estimates.
MBS' casino revenue, in particular, surged, reaching $859 million from $593 million in the previous year, further demonstrating the rebound in travel and tourism spending.
Additionally, revenue from hotel rooms experienced a notable increase of 29.9%, reaching $126 million from $97 million. Despite a slight drop in hotel occupancy, the hotel's average daily rate rose well, resulting in high revenue per available room.
Looking ahead, LVS anticipates continued growth as it implements capital investment programs in both Singapore and Macau. The company recently announced plans for MBS' expansion, including constructing a fourth tower and a 15,000-seat entertainment arena, slated to commence in July 2025 and be completed by July 2029.
"Our financial strength and industry-leading cash flow 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."
Join the Conversation