Singapore’s Marina Bay Sands (MBS) still has room for improvement, despite continuing to break revenue and profitability records, according to CBRE Equity Research.
In a Friday note following release of Las Vegas Sands’ 2Q23 financial results late last week, CBRE’s John DeCree said MBS “still has room to run” given that Chinese tourism is still mid-recovery and some hotel room supply remains offline as part of a US$1 billion refurbishment.
Such prospects bode particularly well for Las Vegas Sands given MBS recorded an all-time US$580 million in mass gaming win for Q2, up 36% on the same period in 2019. Adjusted EBITDA of US$432 million was also 25% higher than 2Q19 and has MBS well on track to achieve the company’s goal of US$2 billion in EBITDA per year.
