JP Morgan Securities LLC forecasts second-quarter property-level earnings before interest, taxation, depreciation, and amortisation (EBITDA) at Marina Bay Sands are likely to have stood at US$727 million. The brokerage said in a note on Wednesday that this would represent a 5-percent year-on-year decline.
Las Vegas Sands Corp controls the Marina Bay Sands casino complex, one half of Singapore’s casino duopoly. The firm is also the parent company of Macau-based casino operator Sands China Ltd.
JP Morgan analysts Daniel Politzer, Samuel Nielsen and Michael Hirsh stated that their EBITDA estimate for the Singapore casino resort was “in line” with market expectations of EBITDA of around US$725 million.
They further estimated that second-quarter revenue at Marina Bay Sands was likely to have increased by 3 percent year on year, to US$1.42 billion.
The analysts stated that Marina Bay Sands “is demonstrating a step-change in sustainable demand as a result of Las Vegas Sands’ circa US$1-billion ‘premiumisation’ of the property and growing wealth in Singapore.”
Marina Bay Sands reported first-quarter net revenue of nearly US$1.49 billion, up from US$1.16 billion a year earlier. It recorded adjusted property EBITDA of US$788 million for the period, 30.3 percent higher than in the prior-year period.
Las Vegas Sands is currently pursuing a major enlargement of the venue’s facilities, aimed at enhancing its market position. The US$8-billion expansion project – often referred to as ‘MBS 2.0’ – is slated for completion in 2030.
