- Marina Bay Sands (MBS)’s hold-adjusted EBITDA (adjusted for win-rate) grew 22.5% y-o-y and 3.5% q-o-q to a record-high of US$473.0m in 4Q23. A comparable set of financials from Genting Singapore (SGX:G13) should see q-o-q growth instead of our expected q-o-q decline in hold-adjusted EBITDA.
MBS continues to sustain profitability above pre-COVID levels
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- 4Q23 non-gaming revenue grew 14.3% y-o-y to reach US$320.0m in 4Q23 but was stable q-o-q as better F&B (+3.4% q-o-q) and events (7.8%) revenue was offset by a softer rooms revenue (-6.4% q-o-q) due to lower RevPar of US$611 in 4Q23 vs 3Q23’s US$656 (-6.9% q-o-q).
What we expect for Genting Singapore’s 4Q23F
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- Our 4Q23F estimates translate into a set of results that is comparable to Genting Singapore’s 4Q19 financial performance of S$607.2m in revenue and S$287.6m in adj. EBITDA.
Positive surprise is possible
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