SINGAPORE – Marina Bay Sands (MBS) recorded earnings of US$689 million (S$888.5 million) for the three months ended June 30, down 10.3 per cent from US$768 million in the corresponding year-ago period.
Still, it was an “incredibly powerful quarter” in several segments for the Singapore property, said Patrick Dumont, chairman and chief executive officer of parent company Las Vegas Sands (LVS), in a July 22 earnings call.
“The key is we were impacted by (the) World Cup there as well, given the high-value nature of our patrons.”
The lower adjusted property earnings before interest, taxes, depreciation and amortisation (EBITDA) came as MBS’ net revenue slipped 0.6 per cent to US$1.38 billion, from US$1.39 billion previously.
The property’s EBITDA margin for the second quarter was 49.9 per cent, which Dumont said the group was “really happy with”. The latest print was down 5.4 percentage points from the second quarter of financial year 2025’s 55.3 per cent.
If MBS had held as expected in its rolling programme, adjusted EBITDA would have been US$37 million lower.
The hold rate is the ratio of the amount won by the casino to the cash buy-in, and is an indicator of a casino’s profitability.
“Our results this quarter reinforce our view that Marina Bay Sands’ structural earnings power has been elevated following our significant product investments, suite renovations, service enhancements, and the successful execution of our premium customer strategy,” added Dumont.
The MBS performance comes as LVS as a whole missed profit and revenue estimates for the quarter. The developer and operator of integrated resorts attributed this to unusually low VIP hold in Macau, on top of softer visitation due to the FIFA World Cup, which was held over June and July.
Breakdown by component
While casino takings fell year on year for MBS, the segment continued to be the largest revenue contributor. Casino revenue was down 4.1 per cent at US$1 billion in the second quarter of FY2026, from US$1.1 billion in the year-ago period.
Despite headwinds, mass gaming revenues of MBS grew 5 per cent, compared with that in in the second quarter of FY2025, said Dumont, adding that this “highlights the resilience and underlying strength of the business”.
Besides the casino segment, revenue contributors for the integrated resort included rooms (up 12.7 per cent on the year at US$151 million), food and beverage (up 16.7 per cent at US$98 million), mall (up 8.1 per cent at US$67 million) and convention, retail and other (which remained unchanged at US$40 million).
Occupancy for its hotel improved marginally to 95.6 per cent, from 95 per cent in the year-ago quarter. The average daily room rate picked up 10.6 per cent year on year to US$982, while revenue per available room was up 11.3 per cent at US$939.
The MBS expansion remains on track, Dumont noted, with the opening slated for early 2031. THE BUSINESS TIMES
