Vaccinated travel lanes offer path to recovery for Marina Bay Sands
Analysts at JP Morgan Securities LLC see clear potential for Las Vegas Sands to reach US$2.5bn in annual EBITDA once Chinese visitors return.
Singapore.- Marina Bay Sands has a clear path to recover thanks to the high Covid-19 vaccination rate in Singapore and the country’s vaccinated travel lanes (VTLs). Analysts at JPMorgan Securities LLC say Las Vegas Sands “sees a clear path to US$2.5bn EBITDA” annually once consumers from mainland China return to Singapore in large numbers.
According to JPMorgan, MBS’s largest source markets are one-third Singaporean locals, one-third Hong Kong and Chinese and one third other overseas visitors. Singapore has allowed the entry of 456,215 travellers since it began operating vaccinated travel lanes, and authorities will include Greece and Vietnam in the scheme soon.
LVS completes sale of Las Vegas assets to focus on Asia
Las Vegas Sands has completed the sale of its Las Vegas casino portfolio for US$6.25bn to private equity firm Apollo Global Management and VICI Properties. Apollo acquired the operating company for US$2.25bn while Vici Properties bought the real estate assets for US$4bn.
Last March, the company had said it was going to sell its world-famous Venetian casino to invest in its Asian businesses. The company has recently stated it has no plans to sell its mall in Singapore and wants to focus on a near-full recovery in Macau and Singapore.
