Singapore's casinos haven't lived up to their opening day fanfare, but the latest Marina Bay Sands results suggest analysts who wrote off growth hopes may need to write them back on.
"The outlook does look more favorable for this year," Jessalyn Chen, an analyst at CIMB, said. "The VIP segment is really coming back."
Las Vegas Sands reported after market hours in the U.S. Wednesday that its fourth-quarter net profit rose 25 percent on-year to $721.3 million, topping expectations, as its Singapore property earnings before interest, taxes, depreciation and amortization (Ebitda) more than doubled to a record $518.5 million and the property's gross gaming revenue rose 17 percent on-year to $803 million.
In a conference call with investors, company president Rob Goldstein called Singapore's Marina Bay Sands (MBS) "the most profitable building in the world," according to a Bloomberg report.