The Las Vegas Sands Corp. has set a target date of January 1, 2024 for the opening of its new tower at the Marina Bay Sands in Singapore. The tower is part of a planned US$3.3 billion expansion project that ensures the company will maintain its duopoly in the market—along with rival Resorts World Sentosa—through 2030.
Rob Goldstein, president and chief operating officer of the Nevada-based parent company made the disclosure during the group’s second-quarter earnings call on July 24, in which Sands reported a 71.6 percent boost in net profit for the quarter.
Goldstein said in the call that renovations of the property’s mass-market casino floor are already under way. “We’ll open renovated by summer of 2020,” he said, with VIP facilities to follow in 2021.
“Keep in mind we are adding additional slot machines late 2020,” Goldstein said. “We’ll have another 400 roughly and the balance in 2021. So 500 new games on the floor in 2021. The market does US$700, US$800 per unit per day; it’s pretty impactful.”
In April the government of Singapore agreed that the city-state’s two integrated resorts could expand; in exchange for a total investment of $6.65 billion by the Sands China and Genting Singapore, the government would extend their duopoly on casino gaming in the market through 2030.
Sands says it is “conducting a process to raise a delayed-draw term loan under the existing Marina Bay Sands credit facility. We expect total availability under the facility of approximately US$2.8 billion.”
According to a report in GGRAsia, the new tower at Marina Bay Sands will include 1,000 all-suite rooms; a “sky roof with a swimming pool and other tourism attractions”; a new concert venue with seating for 15,000; additional meeting space; and luxury retail.
