A billion-dollar upgrade of hotel facilities at Singapore’s Marina Bay Sands (MBS) is on track to be completed by the end of 2023, parent Las Vegas Sands Corp. has confirmed.
According to Inside Asian Gaming, Robert Goldstein, LVS chairman and CEO, said the “reinvestment plan” is well underway and nearly complete. First announced in February 2022, it is in addition to a planned US$3.3 billion expansion that will add a fourth hotel tower at MBS.
Goldstein said the plan, which will also add luxury suites to Tower 1 and Tower 2, is “designed to meaningfully enhance our suite product offerings and the appeal of our market-leading integrated resort in Singapore to premium customers seeking immersive travel experiences.”
The upgrade was funded by the US$6.25 billion sale of LVS’s Las Vegas portfolio in early 2022. The proceeds of that divestiture “enhanced our balance sheet strength and liquidity and enabled us to continue investing in future growth opportunities in both Macau and Singapore, while pursuing additional growth opportunities in new markets,” said Goldstein.
LVS also is bidding for one of three integrated resort licenses in New York and is also looking at growth opportunities in Thailand, which is currently considering legalizing casino gaming.
“We believe we are very well positioned to deliver growth as travel and tourism spending in Asia continue to recover,” Goldstein said.
“We look forward to future investment in our properties and communities in both Macau and Singapore. In addition, we believe there are meaningful potential development opportunities in emerging jurisdictions in both the U.S. and elsewhere where capital investment could provide a substantial economic benefit to those jurisdictions while delivering strong returns for the company.”
As recently reported by IAG, LVS just won a 12-month extension to break ground on the larger expansion project. The new deadline, approved by the Singapore Tourism Board, is April 2024.
