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TITLE: Marina Bay Sands profit doubles in Q4 as gamblers got unlucky
POSTED: 29 Jan 2015 13:25
URL: http://www.channelnewsasia.com/news/business/marina-bay-sands-profit/1623364.html
Las Vegas Sands said MBS achieved adjusted property EBITDA (earnings before interest, tax, depreciation and amortisation) of US$518.5 million – an increase of 100.3 per cent compared to the fourth quarter of 2013.
SINGAPORE: The Marina Bay Sands (MBS) integrated resort reported a doubling in gross profit in the fourth quarter of 2014, helped by a tax benefit and a higher-than-usual win percentage at its tables for high rollers.
This is according to parent company Las Vegas Sands, which reported its quarterly earnings late Wednesday (Jan 29, Singapore time) in the United States.
Las Vegas Sands said MBS achieved adjusted property EBITDA (earnings before interest, tax, depreciation and amortisation) of US$518.5 million – an increase of 100.3 per cent compared to the fourth quarter of 2013. The results for the quarter included a US$90.1 million benefit related to a property tax settlement.
The rolling chip win percentage – a measure of winnings at tables for high rollers – rose to 3.58 per cent in the fourth quarter of 2014, above both the statistical average of around 2.8 per cent and the 1.92 per cent achieved in the fourth quarter of 2013.
This helped boost MBS's casino revenue for the three months ended Dec 31 by 33.7 per cent to US$674.4 million, even though rolling chip volume – a measure of the amount wagered at its VIP tables – decreased by 26.8 per cent to US$10.05 billion.
Rolling chip volume was, however, about 10 per cent higher compared to the third quarter, a sign that the worst could be over for Singapore's two integrated resorts, CIMB said in a commentary.
MBS and Resorts World Sentosa have been hit by a decline in gambling by Chinese visitors amid a growth slowdown in the world's most populous nation. The decline has been made worse by a crackdown on corruption that resulted in some Chinese nationals becoming less conspicuous in their consumption.
MBS' revenue from hotels for the three months ended December fell 3.9 per cent to US$92.1 million, as a drop in the average daily rate to US$422 offset a slight rise in occupancy, while retail mall revenue increased 5.5 per cent from a year ago to US$45.7 million.
- CNA/ac
TITLE: Marina Bay Sands profit doubles in Q4 as gamblers got unlucky
POSTED: 29 Jan 2015 13:25
URL: http://www.channelnewsasia.com/news/business/marina-bay-sands-profit/1623364.html
Las Vegas Sands said MBS achieved adjusted property EBITDA (earnings before interest, tax, depreciation and amortisation) of US$518.5 million – an increase of 100.3 per cent compared to the fourth quarter of 2013.
SINGAPORE: The Marina Bay Sands (MBS) integrated resort reported a doubling in gross profit in the fourth quarter of 2014, helped by a tax benefit and a higher-than-usual win percentage at its tables for high rollers.
This is according to parent company Las Vegas Sands, which reported its quarterly earnings late Wednesday (Jan 29, Singapore time) in the United States.
Las Vegas Sands said MBS achieved adjusted property EBITDA (earnings before interest, tax, depreciation and amortisation) of US$518.5 million – an increase of 100.3 per cent compared to the fourth quarter of 2013. The results for the quarter included a US$90.1 million benefit related to a property tax settlement.
The rolling chip win percentage – a measure of winnings at tables for high rollers – rose to 3.58 per cent in the fourth quarter of 2014, above both the statistical average of around 2.8 per cent and the 1.92 per cent achieved in the fourth quarter of 2013.
This helped boost MBS's casino revenue for the three months ended Dec 31 by 33.7 per cent to US$674.4 million, even though rolling chip volume – a measure of the amount wagered at its VIP tables – decreased by 26.8 per cent to US$10.05 billion.
Rolling chip volume was, however, about 10 per cent higher compared to the third quarter, a sign that the worst could be over for Singapore's two integrated resorts, CIMB said in a commentary.
MBS and Resorts World Sentosa have been hit by a decline in gambling by Chinese visitors amid a growth slowdown in the world's most populous nation. The decline has been made worse by a crackdown on corruption that resulted in some Chinese nationals becoming less conspicuous in their consumption.
MBS' revenue from hotels for the three months ended December fell 3.9 per cent to US$92.1 million, as a drop in the average daily rate to US$422 offset a slight rise in occupancy, while retail mall revenue increased 5.5 per cent from a year ago to US$45.7 million.
- CNA/ac
