Marina Bay Sands (MBS) has reported a significant increase in its net gaming revenue for the first quarter of 2025, marking a 9% rise quarter-on-quarter and reaching 157% of pre-pandemic levels. This growth is attributed to a robust VIP market and an impressive mass market segment, bolstered by higher win rates and increased tourist arrivals due to recent visa exemptions and festive events.
Las Vegas Sands’ quarterly results revealed that MBS’ adjusted EBITDA surged by 13% to $605 million, the highest since its opening. The mass market’s gross gaming revenue (GGR) grew by 5%, whilst the VIP segment saw an 11% increase, despite a slight decline in rolling chip volume. The mass to VIP GGR mix for tables stood at 64% to 36% in Q1 2025.
The mass market achieved record earnings, with non-rolling chip volume slightly down by 1% but still significantly above pre-pandemic levels. Slot handle volume decreased by 11%, yet the overall mass market GGR rose by 5% due to higher win rates. Meanwhile, the VIP segment’s rolling chip volume remained stable, with a higher win rate of 3.7% contributing to the GGR increase.
Genting Singapore is expected to follow MBS’ growth trend, benefiting from increased tourist arrivals and spending during the festive period. The mass gaming segment and non-gaming revenue, such as hotel occupancy and theme park visits, are anticipated to drive growth.
Analysts maintain an optimistic outlook for Singapore’s gaming sector in 2025, driven by increased tourist visits and entertainment events. Genting Singapore is recommended as a buy, with a target price of S$1.12, offering a prospective dividend yield of 5.4%.
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