Record Tourists in Singapore Will Help Las Vegas Sands
(NYSE:LVS)
Visitor arrivals in Singapore grew by 24.2 per cent in February from the same month a year ago to 857,000, the third-consecutive month of record visitor arrivals, the Singapore Tourism Board said Friday.
Visitor days were estimated at 3.3 million during the month, a 16.3-per-cent, year-on-year growth.
Average hotel occupancy rates increased by 4.9 percentage points to 79.7 per cent in February, but the average room rate declined 1.5 per cent to 201 Singapore dollars (143 US dollars).
Revenue per available room in February increased by 4.9 per cent to 160 Singapore dollars while hotel room revenue grew by 5.8 per cent to 133 million Singapore dollars, it said.
The $4.7 billion Resort World on Sentosa, owned by Malaysia’s Genting Group (GENT), opened its doors to visitors in February, and will be followed in April by a partial opening for the $5.5 billion Las Vegas Sands (LVS) owned Marina Bay Sands casino resort.
Visitor arrivals to Singapore may rise by as much as 30 percent this year, helped by an economic recovery in Asia and by the two casinos, STB said this month.
Each casino is expected to contribute a value add of S$2.7 billion ($1.92 billion), or 0.5 to 1 percent, to Singapore’s gross domestic product (GDP) by 2015, STB estimates.
Singapore is trying to diversify into services industries such as tourism to reduce dependence on manufacturing.
But it suffered a fall in tourism as well as exports in 2009 during the financial crisis. The number of visitors to Singapore fell by 4.3 percent last year to 9.7 million, driving revenue from the sector down 19 percent to S$12.4 billion. ($1=1.406 Singapore Dollar)
Shayne Heffernan www.livetradingnews.com
www.livetradingnews.com/...p-las-vegas-sands-nyselvs-11038.htm
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