Singapore Gaming Sector - UOB Kay Hian 2024-04-18: MBS' Record High 1Q24 Earnings Lifted By Robust Tourism Statistics & Major Entertainment Events

• Las Vegas Sands’ 1Q24 results revealed that Marina Bay Sands’ (MBS) adjusted EBITDA surged about 10% q-o-q to US$597m, the highest quarterly figure since its opening and well exceeding 2019’s numbers.

Marina Bay Sands (MBS): All-time high quarter well above pre-pandemic levels.

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• On a constant currency basis (in Singapore dollars), the mass market’s (tables and slots) 1Q24 gross gaming revenue (GGR) improved 16% q-o-q, while VIP GGR rose 12% q-o-q. The mass:VIP GGR mix for tables (i.e. excluding slots) stood at 55%:45% in 1Q24 (1Q23: 60%:40%, 4Q23: 52%:48%).
• MBS’s 1Q24 EBITDA margin improved 0.3% q-o-q and 5.1% y-o-y respectively to 51.6ppt (4Q23: 51.3ppt, 1Q23: 46.5ppt).

Mass market: Reaching another record high.

• In Singapore dollars, we estimate that the mass market’s non-rolling chip volume grew further and rose 14% q-o-q to represent the highest quarter ever in history (about 159% of pre-pandemic levels), while slot handle also improved 6% q-o-q to hit a historical high.
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VIP: Strong return of RCV offset marginally lower win rate, lifting q-o-q GGR.

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Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-04-18 SGinvestors.io

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