Marina Bay Sands Reports 7.2% Rise in Net Revenue
Marina Bay Sands (MBS) posted a 7.2% rise in net revenue to $1.14 billion for the fourth quarter ended December 31, 2024, amid ongoing renovation and refurbishment efforts as it focuses on "high-value tourism" in Singapore.
Revenue Growth Across Segments
While all other segments recorded growth, the casino business, which is the largest contributor to revenue, registered a 6.9% increase to $792 million in Q4 FY2024, from $741 million previously. Revenue from rooms climbed 6.8% to $125 million, as the average daily rate surged 43.3% to $927, from $647. The hotel revenue per available room similarly expanded 43% to $874, from $611.
Ebitda Declines
However, the integrated resort’s adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) declined for the period, parent company Las Vegas Sands (LVS) reported on Thursday (January 30). Adjusted property Ebitda came in at $537 million, slipping 1.3% from $544 million in the year-ago quarter. Had the group held as expected on its rolling play, MBS’ adjusted property Ebitda would have been approximately $2 million lower.
Positive Surprise
Despite the decline, Citi Research analysts George Choi and Timothy Chau noted that the Ebitda figure was a positive surprise for the market as it came in significantly above $500 million, beating their forecasts.
Mass Gaming Revenue and Rolling Chip Volume
Mass gaming revenue from slot machine and non-rolling table wins totalled $746 million, marking an all-time record. This was up 27.7% from a year previously. The figure beat the previous high by about 9%, the Citi team said. Rolling chip volume for Q4 FY2024 was $8.07 billion, while non-rolling chip drop volume was $2.34 billion – both up from Q4 of the preceding year.
Occupancy and Food and Beverage Revenue
Occupancy was largely stable for the quarter, slipping just 0.1 percentage points from the year-ago quarter to 94.3%. Meanwhile, revenue from food and beverage was up 3.3% to $95 million.
Mall and Convention, Retail, and Other Revenue
Mall revenue grew 7.9% to $82 million, while quarterly revenue from the convention, retail, and other segment surged 22.9% to $43 million.
Key Developments
Las Vegas Sands (LVS) recently invested $1.75 billion to elevate MBS’ hotel towers, premium gaming areas, public spaces, and lifestyle experiences. As at the end of Q4 FY2024, 702 suites and 925 rooms were in service at MBS. The integrated resort’s Phase II suite renovation and refurbishment programme, which remains on schedule for completion in Q2 FY2025, should bring the number of suites to 775, and rooms to 1,069, representing an increase of approximately 13% in key count.
Conclusion
Marina Bay Sands’ strong financial results reflect the impact of high-quality investment in a market-leading product and growth in high-value tourism. The company’s focus on renovation and refurbishment efforts is expected to continue driving growth in the future.
Frequently Asked Questions
Q: What was Marina Bay Sands’ net revenue for the fourth quarter ended December 31, 2024?
A: $1.14 billion
Q: What was the increase in casino revenue compared to the previous year?
A: 6.9%
Q: What was the decline in adjusted property Ebitda compared to the previous year?
A: 1.3%
Q: What was the all-time record for mass gaming revenue from slot machine and non-rolling table wins?
A: $746 million
Q: What was the increase in rolling chip volume for Q4 FY2024 compared to the previous year?
A: 27.7%
Q: What was the decline in occupancy percentage compared to the previous year?
A: 0.1 percentage points
