Strong greenback chips away at Marina Bay Sands' earnings in Q1

Win percentage also took a hit.

Marina Bay Sands reported sharply lower revenues in the first quarter, with core earnings down 33.8% year-on-year to US$274.9 million.

According to UOB Kay Hian, the sharp revenue drop was on back of an unusually low win percentage and the strong US dollar. Mass-market gross gaming revenue rose 7.9% year-on-year, lower than initial guidance of a 9.8% year-on-year improvement, presumably due to different average S$/US$ exchange reate assumptions.

Meanwhile, VIP rolling chip volume slipped 1.4% year-on-year. VIP gross gaming revenue contributed less than 40% of total gaming earnings in Q1, the first time since MBS commenced operations.

"While hold-normalised EBITDA rose 10% yoy in Singapore dollars, driven by mass market’s strong non-rolling chip win and slot handle, table gaming volume was unimpressive for the VIP and mass segments. In our view, this set of results is slightly positive for [Genting] which should benefit from a modestly growing mass market GGR,” said UOB Kay Hian.

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