Las Vegas Sands
But Marina Bay Sands isn't the only casino in Singapore, and I was shocked to see that Las Vegas Sands' casino is actually performing worse than Genting's Resorts World at Sentosa. Genting's Singapore resort generated $435.1 million in EBITDA during the first quarter, far more than what Sands reported, even if you adjust for the latter's bad luck (which would have brought EBITDA to $311 million).
The rival's revenue growth was even more impressive. Marina Bay Sands revenue grew just 4.4% sequentially in the first quarter while Resorts World Sentosa grew nearly 18% from the fourth quarter. And that should continue to improve once the company opens its Universal Studios Singapore park in two weeks.
The comparison should be taken with a grain of salt, but the numbers are very interesting. Marina Bay Sands is a convention-driven resort in the heart of downtown Singapore, while Resorts World is like Disney World with gambling.
The envy of the room
Of course, competitors would love to have a casino like Marina Bay Sands in their portfolios. MGM Resorts
Las Vegas Sands has done well in Singapore, but with less than half of the market share I wonder if the company could be doing even better?