SINGAPORE — Lady Luck returned to Marina Bay Sands (MBS) in the beginning of the year as punters wagered more on the slot machines, the house’s winning percentage at the VIP tables increased and the hotel business brought in more revenue.
Profit at the integrated casino resort operator increased 9.7 per cent from a year earlier to US$435.2 million (S$547 million) in the first quarter. Total revenue rose 5.1 per cent to US$835.4 million, while mass win-per-day nudged up to US$4.65 million.
This signals a turnabout from the last three months of 2013, when profit at MBS fell 14.4 per cent and revenue declined 8 per cent. Gains in mass gaming and non-gaming revenue were countered by “softer VIP play”, the firm said then.
“The hold finally came back,” said Mr Sheldon Adelson, chairman and chief executive of MBS’ parent Las Vegas Sands (LVS), on Thursday. “Marina Bay Sands (has) proven (its) success in delivering the economic benefits of our convention-based integrated resort business model.”
In its non-gaming business, the high-margin hotel room segment continued to reflect strong revenue growth of 14.8 per cent. Occupancy was 99.3 per cent during the quarter, with an average daily room rate of US$428.
Facing almost full occupancy, Mr Adelson said last month he had asked Singapore authorities for more land to increase rooms at the 2,563-unit MBS property by about 60 per cent. It also plans to add meeting rooms, ballrooms and exhibition spaces, he said.
The Singapore Tourism Board has said that it has neither received a formal proposal to acquire land sites nor formally discussed expansion plans with LVS. The Urban Redevelopment Authority, the main land sales agent for the Government, also said its officials had not met Mr Adelson recently.
In response to questions about expansion plans, Mr Adelson said: “Singapore (doesn’t) work as fast as other cities … It has a lot of different ministries and agencies participating in growth. I don’t see (us) getting an approval for expansion. However, they have come to us and said, what can we do to help you maintain Singapore’s competitive advantage throughout the Pacific region?”
LVS said on Thursday its net income for the quarter grew 36 per cent on-year to US$776.2 million, mainly on contribution from its Macau operations. Revenue rose 21 per cent to a record US$4.01 billion.
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