Seeking wind for top-line sales

In the words of Las Vegas Sands Chief Operating Officer Rob Goldstein, “Singapore is a wonderful success story, but at this point it’s just a very large producer of EBITDA without growth prospects in the near future.” Goldstein was speaking to analysts after a record year for the company’s Marina Bay Sands property that saw adjusted property EBITDA up 24.6 percent to $456 million in Q4. The margin was a robust 52.5 percent, compared with just 34.6 percent for the company’s Macau properties. Although management did a sterling job in controlling costs and squeezing the maximum profit out of the iconic resort, it showed little, to no, top line growth.   Non rolling win was flat, edging up just 1.1 percent. Slots revenue showed strong gains, up 9 percent, but rolling chip volume was down 4 percent to $9.93 billion. VIP accounted for 17 percent of profit, compared with 8 percent the prior...

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