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What’s the ceiling for Marina Bay Sands?
Las Vegas Sands believes it can increase EBITDA at its Marina Bay Sands casino to US$3bn following completion of a fourth tower in 2030.
Las Vegas Sands believes it can increase EBITDA at its Marina Bay Sands casino in Singapore from the record US$1.86bn achieved in the fourth quarter of 2023 to US$3bn following completion of a fourth tower in 2030. Chairman and CEO Robert Goldstein went as far as to say that Marina Bay Sands was the 'most valuable hotel building ever built in the world.'
His words came as Las Vegas Sands reported its financial results for the fourth quarter of 2023. Net revenue for the group was $2.92bn, an increase of 161 per cent from the prior year quarter. Operating income was $710m, compared to an operating loss of $166m in Q4 2022.
Mr. Goldstein said: "Seven quarters into our reopening, MBS delivered a $544m a quarter. Tis is the largest EBITDA for one quarter in the history of the building. Te power of this building is evident based on the results despite the disruptive impact of our ongoing $1.75bn renovation. MBS is hitting on all cylinders with gaming, lodging and retail perspective. We look at this asset as a $2bn asset today annualised
Singapore
Genting Singapore, the operating force behind Resorts World Sentosa in Singapore, has reported revenue of $2,417.6m for the full year 2023, reflecting a 40 per cent YoY improvement.
Te increase masks a slow- down in the fourth quarter when the operator reported US$998m in revenue for the second half of 2023, up 26 per cent on 2022’s figures and 24 per cent higher than in the six months through to June 30. Analysts highlighted that it is popular with Singapore nationals to travel overseas during year-end holidays, leading to softness in both gaming and non-gaming.
Genting Singapore added that gaming revenues spiked by 19 per cent in the second half of the year reaching US$670m, marking an increase of 21 per cent over the first half of 2023.
EBITDA, but we believe it can grow 10 per cent to 20 per cent over the next three to four years.
“And then hopefully, we can finalise our plans with the government once the government blesses another building, we believe that, that could open later this year and make us a $3bn projected EBITDA by the end of the decade in Singapore. So we see ourselves now at $2bn, going to $2.2bn, $2.3bn, $2.4bn and eventually stepping up to $3bn. We see huge growth in this asset. It's just the beginning.
“Our only disappointment in Singapore is we just don't have more space, because it's a very desirable market and that building probably the most valuable in hotel building ever built in the world and will just accelerate in the next three, to four, five years until hopefully, we can tell you a finality, we have a deal in Phase II. At the completion of both phases of the renovation programme, it will feature 770 suites, we previously had less than 200 suites. Tere is no denying its future. How far can Marina Bay Sands go? Our future expectations starts at $2bn and beyond in EBITDA per year."
South Korea L&W powers casino floor at Mohegan INSPIRE
Mohegan INSPIRE Entertainment Resort in Incheon, South Korea, has opened its doors with a host of Light & Wonder games and solutions powering the casino.
Mohegan INSPIRE is an entertainment destination integrating many different elements under one roof, including a five-star hotel, 15,000 seat arena, state-of-the-art digital street, international culinary offerings and indoor and outdoor attractions. Following the soft opening in late November 2023, the property unveiled its premium gaming facility exclusive for international visitors, INSPIRE Casino, on February 3.
Te property will leverage the company’s system-agnostic global platform, L&W ENGAGE, to manage all operational and
marketing aspects for slots and tables as well as cashless and cardless solutions. Trough this platform, Mohegan INSPIRE can leverage data to execute a cohesive curated customer journey at every touchpoint regardless of location, vertical or platform.
Te company also delivered 180 QUARTZ cabinets, marking Light & Wonder’s largest Quartz stadium in the world. Players can experience the eye-catching stadium and enjoy games such as Tiger Baccarat, Roulette and CASINO WAR. Te supplier also installed more than 170 gaming machines on the casino floor, where guests can enjoy a host of games such as COIN COMBO housed on cabinets including KASCADA DUAL SCREEN and KASCADA Portrait.
NEW ZEALAND – Casino group SkyCity Entertainment has commended its ‘resilient performance’ in a ‘challenging economic environment’ over the last six months of 2023 with revenue coming in at $490.2m, up just 0.6 per cent from the previous year.
Chief Executive Officer, Michael Ahearne, said: “The challenging economic climate impacted our business this half, particularly in domestic Electronic Gaming Machine revenues. Pleasingly, our hospitality businesses and table games in Auckland have performed well. However, we also see ongoing cost inflation in addition to our further investment in compliance activities.”
Auckland hotel saw revenue growth driven by a significant improvement in occupancy rates from just over 77 per cent in the first half of 2023 to 87.5 per cent in the second. The Sky Tower recorded a 31 per cent increase in visitation over the prior period. The Hamilton property saw an impact across all of its revenue lines due to the aforementioned ‘challenging economic environment’. In Queenstown, there was an overall reduction in gaming revenue largely driven by lower premium play.
The SkyCity Adelaide business also continues to be impacted by the ‘challenging operating environment’ with revenues and profitability declining over the six-month period. Underlying EBITDA of $16.9m was 10 per cent lower than the same period last year. Although Adelaide gaming revenues declined, non-gaming revenues did increase over the period. Addressing increased levels of scrutiny facing the casino and betting industry across Australia and New Zealand, Mr. Ahearne said: “Our compliance and uplift activities remain the key priority for the Board and management team as we focus on continuous improvement.”
AUSTRALIA - TCSJohnHuxley has appointed Alison Zhang as National Account Manager. Based in Melbourne Australia, she will be responsible for driving new business across Australia, New Zealand and
Macau. "With her extensive gaming, hospitality and software experience, we are excited to welcome Alison to the team" said Rebecca Kingswell, Global Head of Operations and Managing Director APAC, TCSJohnHuxley.
"It remains our focus to build strong customer partnerships and Alison will be a key part of that in [name of area/region]. Truly understanding the needs and challenges of our customers is one of the key elements that truly sets TCSJohnHuxley apart. Alison is no stranger to taking a consultative approach to selling and delivering tailored solutions, so she’ll be a great fit for our business.”
WIRE / PULSE / INSIGHT / REPORTS P17
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