SOUTH EAST ASIA 14
SINGAPORE
Singapore beats the odds Singapore provided a bright note in Las Vegas Sands’ latest earnings report, with Marina Bay Sands beating expectations and turning in a profit.
T
he group’s Marina Bay Sands property actually made money on an adjusted EBITDA level in the quarter — $70 million in fact. That’s despite having no foreign visitation and limited operations due to social distancing measures. You may recall, ratings agencies in recent weeks have sounded a note of caution about the Singapore market as it pertains to rival Genting Singapore, stating that the lack of foreign arrivals and slow recovery would
Asia Gaming Briefings | November 2020
drag on the Genting Group’s earnings. Well, that’s certainly not been the case for LVS. “We’re very encouraged with what’s happening in MBS,” said Rob Goldstein, group president and operating officer on a call with analysts. “We made some money this quarter, as you see. I think that will continue to grow.” Reasons for further optimism at the IR, which has consistently had amongst the
best margins in the business, include an expansion in the number of slot machines from January next year from 1,500 to 2,000. A peculiarity of the market is that the locals, who are allowed to gamble with payment of an entry fee, prefer slot machines. Goldstein points out that when they refer to locals, the more precise definition would be permanent residents, as the island nation has a large and multinational population. “That’s probably the big driver of our
