Singapore And Las Vegas Sands Beat Expectations

Las Vegas Sands’ Singapore venture, Marina Bay Sands, beat expectations in its eagerly anticipated first full quarter, as LVS posted high revenue and EBITDA growth yesterday. As expected, strong volumes at its Macau properties counterbalanced a weak Las Vegas showing, and helped LVS towards net revenue of $1.59bn and a 91.2 percent EBITDA increase to $473.5m in the second quarter.

Marina Bay Sands, which opened its casino doors at the end of April, had net revenues of $216.4m and easily beat EBITDA forecasts of $66m for its first full quarter with adjusted property EBITDA of $94.5m.

In its first 65 days, Marina Bay’s EBITDA margin was 43.7 percent, while its rival, Genting’s Resort World Sentosa, managed 47 percent margins in its first 45 days.

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