Las Vegas Sands has announced record retail revenue in Singapore in 2018, with Shoppes at Marina Bay Sands raking in SG$242 million (US$179 million) for the 12 months to 31 December.
The figure represents a 7% increase on 2017 retail revenue, while retail tenant sales also increased by 19% to US$1,898 per square foot for the period. An estimated 120,000 people passed through Shoppes at Marina Bay Sands each day.
MBS put the increase down to “an ongoing retail remix strategy that started in 2012, which saw the mall double its footprint with luxury brands in the form of duplexes, as well as expansion into luxury childrenswear”
“2018 has been an exceptional year for the mall, as we not only achieved our highest sales revenue in history, but also solidified a leading position in tourism shopping,” said John Postle, SVP of Retail at MBS. “This is so rewarding given the competitive retail landscape and growth of online shopping.”
MBS’ retail success comes despite a challenging gaming environment for the iconic Singapore IR, which recently reported an 11.6% fall in net revenue in 4Q18 to US$726 million as a result of a 17.6% decline in casino revenue to US$500 million, with both VIP and mass gaming down.
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