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The boss for American casino operator Las Vegas Sands Corporation has reportedly announced that he expects his company’s Marina Bay Sands property to rack up $1 billion in adjusted earnings before interest, tax, depreciation and amortization this year.
According to a report from Inside Asian Gaming, the forecast from Rob Goldstein (pictured) came as part of a first-quarter corporate earnings briefing that additionally revealed the 2,561-room Singapore property had amassed $121 million in receipts for the initial three months of 2022. The source also detailed that this latter figure represented a sequential decline of 31.6% although hopes are now high that the local situation will rapidly improve as the city continues to do away with a series of coronavirus-related travel restrictions.
Slow start:
Goldstein serves as the Chairman and Chief Executive Officer for Las Vegas Sands Corporation and he reportedly moreover disclosed that his company’s three-tower Marina Bay Sands venue had chalked up only $17 million in adjusted earnings before interest, tax, depreciation and amortization for January before seeing this figure rise to $46 million and $58 million for February and March respectively. The 65-year-old purportedly went on to assert that the facility’s prospects for April are ‘continuing to go upwards’ with Singapore likely to soon begin posting ‘the same post-coronavirus numbers as the United States.’
Reportedly read a statement from Goldstein…
“We’d like to think Singapore can return to a $1 billion earnings before interest, tax, depreciation and amortization run rate this year so $58 million in March feels pretty good and that momentum is continuing. It is all coming back and in the month of March we saw outsized demand from free independent travellers on the pure leisure side, we saw premium mass and we saw high-end play coming from all over the Pacific Rim.”
Pole position:
Goldstein reportedly declared that Singapore currently sits ‘in a unique position’ in the Asian casino market owing to the ‘difficult’ coronavirus situation in Macau and could soon begin to benefit as people ‘look for other opportunities.’ The experienced executive purportedly furthermore pronounced that gaming aficionados ‘want to travel’ following the disruption of the last two years to present his company’s Marina Bay Sands development with ‘a very opportunistic and unique window.’
Goldstein reportedly stated…
“It’s leisure travel, VIP, premium mass, mass casino; it’s universal. It feels like a very positive beginning and I feel like Marina Bay Sands is going to have a very productive 2022.”
Deferred development:
However, Goldstein reportedly divulged that his firm is continuing to delay the start to work on a $3.2 billion Marina Bay Sands expansion project that is to eventually see the giant twelve-year-old facility feature a fourth hotel tower, a 15,000-seat arena and even more meeting and conference spaces. The man who was officially appointed to lead Las Vegas Sands Corporation in January of last year purportedly noted that his company is instead currently focussed on completing a $1 billion upgrade to the venue’s existing trio of towers.
The statement from Goldstein reportedly read…
“That is underway as we speak [but] it will take a while and it won’t complete until the end of 2023 but it’s going to be all encompassing. Like everyone, getting supplies and labor has been an issue but it’s underway.”
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