SINGAPORE: Marina Bay Sands (MBS) has seen its annual earnings hit US$2bil (S$2.7bil) in what is its strongest performance since opening in 2010.
Record earnings before interest, taxes, depreciation and amortisation in 2024 were partly driven by a sharp rebound in high-end travel and a bold strategic shift to slash nearly a third of its hotel rooms in favour of high-end suites.
MBS achieved this amid a strong recovery in international arrivals.
According to the Singapore Tourism Board, international visitor numbers rose by 21% to 16.5 million in 2024, led by travellers from China, Indonesia and India.
In an interview with The Straits Times on April 3, MBS chief operating officer Paul Town attributed the milestone achievement to a post-pandemic strategy targeting luxury consumers who seek more experience-driven stays and are conscious of their environmental footprint.
The hotel reduced its room count from 2,561 to 1,850, reallocating space to high-end suites and tripling its butler service team from 60 to 160 to meet evolving luxury expectations.
By May 2025, there will be 776 suites, up from 205 suites before the Covid-19 lockdowns.
The bet on luxury, backed by a revamped service culture and personalised guest experiences, paid off and drove up average room rates and profitability.
Town said MBS saw strong growth across both gaming and non-gaming sectors in 2024. Guest stays became longer, and a wider variety of offerings across dining, entertainment and leisure further boosted demand.
“I think we’ve elevated not just what we do in the real basics of hospitality, like the rooms, restaurants and gaming floors, but also experiences across the board, from the theatre to off-property activities like golf and yacht programmes,” he added.
Despite undergoing refurbishment with some rooms unavailable for booking, MBS maintained a high occupancy rate of 95% in 2024, ahead of its 15th anniversary in 2025.
Jesper Palmqvist, regional vice-president for the Asia-Pacific at hotel industry research firm STR, pointed out that growth of the Marina Bay area is largely driven by the luxury segment, with MBS benefiting from an upgrade that aligns it with higher- end market demands.
He added that hotels in the Marina Bay area remain the fastest-growing submarket in Singapore, with high-end hotel options continuing to thrive due to stronger cost management and rate growth.
The US$1.75bil transformation of MBS first announced in 2022 is part of a multi- year programme to strengthen the positioning of the integrated resort as a leader in the luxury hospitality industry. — The Straits Times/ANN
