- Las Vegas Sands reported Marina Bay Sands’ (MBS) 3Q23 hold-adjusted EBITDA (adjusted for win rate variance) grew 36.8% y-o-y and 10.7% q-o-q to reach 115% of pre-COVID-19 levels in 3Q19, although monthly flight capacity to Singapore from China only recovered to ~77% of 2019 levels in 3Q23.
MBS 3Q23 results suggest robust growth in tourism sector
- - Read this at SGinvestors.io -
- Non-gaming revenue rose 28.9% y-o-y to US$317.0m, with revenue from rooms growing 35.9% y-o-y on higher RevPAR of US$656 (+32.8%), driven by an increase in daily average rates and more available rooms following the refurbishment of MBS’s suites.
Genting Singapore could surpass FY19 profitability in 3Q23F
- Following the positive read-through from MBS, we believe a similar level of quarterly growth (+13.7%) could put Genting Singapore (SGX:G13)’s adjusted EBITDA at 107% of the 3Q19 level, surpassing the pre-COVID-19 level for the first time since the pandemic.
- - Read this at SGinvestors.io -
Reiterate ADD, attractive at near-bottom valuations
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