Marina Bay Sands said it is heading in the right direction to beat analysts’ forecast to reach US$330 million in cash flow this year.
Projections for revenues and number of visitors at the integrated resort have also been met, said Sheldon Adelson, CEO and chairman of Las Vegas Sands – the parent company of Marina Bay Sands.
The US$5.5-billion resort has already been visited by many guests, punters and convention delegates, and Las Vegas Sands expects more visitors once the integrated resort becomes fully open.
Marina Bay Sands will include other attractions, such as a museum, theatres and The Shoppes.
"We’ll have between 125,000 and 150,000 people a day. Now, those people came for shopping and a lot of those people will see the MICE (Meetings, Incentives, Conventions & Exhibitions) building and say ‘my company needs to have a conference or association or trade show.’ So there will be some benefit from the shopping traffic for the MICE space," said Adelson.
The integrated resort is expected to draw 18 million visitors every year when it is fully operational.
To date, the business is operating ahead of projections.
According to analysts, Marina Bay Sands will yield US$330 million in cash flow in 2010.
"We were running ahead of that in May. In June so far, we are running basically around that number but because of the volumes we have, that number goes up and down on a daily basis so its hard to predict,” said Michael Levin, President and COO of Las Vegas Sands.
"Our expectation is that we will exceed that number between now and the end of the year," added Mr. Levin.
The resort operator is also optimistic on gaming demand in Asia and hopes to broaden the visitor base of its property in the country.
"The ones that are most obvious for us to go into short term at the beginning are of course Singapore, Malaysia and Indonesia. But the attainable concentric rings for us, as the months pass and a year or two pass, are going to be going further out – Thailand, Vietnam, India, parts of China, Northern Asia," said Thomas Arasi, CEO and President of Marina Bay Sands.