Why Marina Bay Sands Is Las Vegas Sands’ Most Important Property

Las Vegas Sands (NYSE: LVS) is a leading developer of integrated resorts, with five casino properties in Macau, one in Singapore and one in Las Vegas. The company generates a bulk of its revenues from casino gaming but room revenues also contribute a sizable chunk. In 2018, Sands generated $1.7 billion in room revenues, with Marina Bay Sands contributing $393 million (~23% of room revenues) despite a 12% share of Sands’ total room inventory. Trefis highlights the trends in Las Vegas Sands’ Revenues across categories along with our forecasts for 2019 and 2020 in an interactive dashboard.

A Quick Look at Las Vegas Sands’ Revenues

Las Vegas Sands reported $13.7 billion in Net Revenues for full-year 2018. This includes five categories:

• Casino: $9.8 billion in FY2018 (72% of Net Revenues). It includes income from regulated gambling activities at the company’s properties. Macau and Singapore properties contribute 69% and 22% of the casino revenues, respectively.
• Rooms: $1.7 billion in FY2018 (13% of Net Revenues). It includes income from visitors/tourists who lodge in the company’s properties. Macau, Las Vegas, and Singapore properties contribute 42%, 35%, and 23% of the room revenues, respectively.
• Food and Beverage: $865 million in FY2018 (6% of Net Revenues). It includes income from food and beverage sales at the company’s properties.
• Mall: $690 million in FY2018 (5% of Net Revenues). It includes rental income from retail stores at the company’s properties.
• Convention, Retail and Other: $622 million in FY2018 (4% of Net Revenues). It includes income from business conventions at the company’s properties.

Las Vegas Sands’ Net Revenues have grown from $11.3 billion in 2016 to $13.7 billion in 2018, and is expected to grow by 7% to around $14.7 billion in 2 years

• Sands has added $2.5 billion to its revenues over the last two years.
• Since 2016, Casino revenues from Macau have been the major contributor to the company’s top-line growth.
• Though the trend has been similar for room revenues, Sands’ Singapore property alone contributes 23% of the room revenues despite operating just 2600 of the total 21,000+ room inventory.
• This is largely attributed to the fact that the average room rate of Marina Bay Sands is nearly double the figure for Macau and Las Vegas properties.
• We highlight the trends in Sands’ room revenues across geographies in detail in our interactive dashboard

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