The Shoppes at Marina Bay Sands enjoys sales rise
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Revenue from The Shoppes at Marina Bay Sands rose 4.5 per cent during the third quarter, reaching US$44 million, according to the integrated resort’s latest results announcement. Sheldon Adelson, CEO of parent Las Vegas Sands Corp, said retail tenant sales per square foot at the shopping complex rose by 22.2 per cent during the past year.
That, together with rising food and beverage sales (up 15.2 per cent to $53 million) and improved hotel revenues helped offset a decline in gaming takings, said to be affected by a decline in VIP playing. Third-quarter earnings were down 52 per cent to $419 million for the quarter.
Las Vegas Sands’ regional third-quarter earnings were up by 6 per cent to US$1.28 billion, thanks to the strengthening Macau business.
Hotel occupancy at Marina Bay was 97.5 per cent during the third quarter with an average daily rate of $466.
Questions & Answers
Q.Did the overall financial performance of Marina Bay Sands improve during the third quarter?
Did the overall financial performance of Marina Bay Sands improve during the third quarter?
No, despite retail, food and beverage, and hotel revenue increases, third-quarter earnings for Marina Bay Sands declined by 52% to US$419 million. This was largely due to a fall in gaming takings, specifically from VIP players.
Q.What contributed to the growth in retail sales at The Shoppes at Marina Bay Sands?
What contributed to the growth in retail sales at The Shoppes at Marina Bay Sands?
The retail revenue rose by 4.5% to US$44 million in the third quarter. The CEO of the parent company noted a significant 22.2% increase in retail tenant sales per square foot at the complex over the past year.
Q.Was the parent company, Las Vegas Sands Corp, also affected by the earnings decline at Marina Bay Sands?
Was the parent company, Las Vegas Sands Corp, also affected by the earnings decline at Marina Bay Sands?
No, Las Vegas Sands Corp's regional third-quarter earnings increased by 6% to US$1.28 billion. This growth was primarily attributed to the strong performance of its business operations in Macau, offsetting the decline at Marina Bay Sands.
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