[SINGAPORE] Net revenue for Marina Bay Sands (MBS) remained steady at about US$1.2 billion for the first quarter as it improved service offerings and introduced new suite products.
The casino resort operator said on Wednesday (Apr 23) that it has “substantially completed” its US$1.8 billion redevelopment programme, its largest reinvestment since opening its doors in April 2010.
The integrated resort now features 1,844 rooms, including 775 suites – over four times the 180 that it had before works started in 2022.
Revenue from rooms for Q1 grew by 2.4 per cent year on year to US$129 million, and hotel occupancy increased by 0.6 percentage point to 95.6 per cent in the latest quarter. The average daily room rate shot up to US$925 this quarter from US$713 in the year-ago period, resulting in revenue per available room of US$884 compared with US$677 a year earlier.
Adjusted property earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose 1.3 per cent to US$605 million from US$597 million in the previous quarter.
The company’s Ebitda margin for the first quarter grew 0.4 percentage points to 52 per cent from the quarter before.
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The casino revenue segment, however, witnessed a slight decrease to US$857 million from US$859 million in the year-ago period. Rolling chip volume was down US$8 billion, 2.6 per cent lower from US$8.2 billion in the year-ago period.
MBS also entered into a new facility agreement on Feb 21, which provides an approximate S$3.8 billion term loan, S$750 million revolving credit facility and S$7.5 billion delayed draw term loan facility.
This is part of the wider S$12 billion multi-tranche loan it has received to fund a planned expansion of its casino resort in Singapore.
The term loan and delayed draw term loan proceeds were used to repay the outstanding balances and associated interest under the 2012 Singapore Credit Facility and pay certain fees associated with the new facility agreement, said the company in a media release.
As for the revolving credit facility, it may be drawn for general corporate purposes, including payment of dividends.
The statement also noted that future proceeds from the delayed draw term loan facility may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.
The commitments under 2012 Singapore Credit Facility were terminated, with the entrance into the new facility agreement.
At a wider group level, Las Vegas Sands (LVS) reported a fall in net revenue of US$2.9 billion for Q1, compared to US$3 billion in the quarter of the year prior. Net income in Q1 was US$408 million, down from US$583 million in Q1 of 2024.
In addition, its consolidated adjusted property Ebitda was US$1.1 billion, slightly lower than US$1.2 billion in the same quarter of the previous year.
LVS’ capital expenditures in Q1 totalled US$379 million, which included construction, development and maintenance activities of US$175 million at MBS, and US$197 million in Macau.
