The Macau Metro Monitor, April 27th, 2010
MARINA BAY SANDS OPENS ITS DOORS Channelnewsasia, The Edge Singapore, Bloomberg
Adelson expects the resort to generate $1BN of EBITDA over the next twelve months and that LVS's $5.5 billion investment in Marina Bay Sands will be recouped over five years. He expects 70,000 to 80,000 people to visit the complex daily when all the facilities are open. Singapore aims to lure 17 million visitors and triple annual tourism revenue to S$30 billion ($22 billion) by 2015, helped by two casino resorts, Marina Bay Sands and Genting's RWS. Marina Bay Sands is designed to cater to the corporate and convention crowd while Resorts World is aimed at families. Today, Marina Bay Sands opened 963 of its 2,560 hotel rooms, the casino, the meeting and convention facilities, parts of its shopping mall and some restaurants. A grand opening party will be held June 23 when the second phase is unveiled, including a sky park, additional shops and more restaurants. Asia is expected to contribute 85% of revenue once the Singapore casino “ramps up.” said Adelson.
Adelson also added that the gaming industry in Las Vegas is past the bottom, with hotel occupancy rates and the conference business rebounding. He said the company’s Las Vegas hotels are running at 96 to 98% occupancy in April, and expects that the average occupancy rate will be back in the 90s this year.
EMPLOYMENT SURVEY FOR JANUARY - MARCH 2010 DSEC
The unemployment rate for January - March 2010 held stable at 2.9% and the underemployment rate also remained unchanged at 1.8% in comparison with the previous period (December 2009 - February 2010). Total labor force was 323,300 in January - March 2010 and the labor force participation rate stood at 71.1%, with the employed population increasing by 600 over the previous period to 313,800.
TOURISM SECTOR PERFORMANCE FOR MARCH 2010 Singapore Tourism Board
Visitor arrivals to Singapore registered 17.3% growth to reach 928,000 in March 2010, the highest ever recorded in the month of March. In March, visitor days were estimated at 3.5 million days, a YoY growth of 16.4%.