A US$1 billion upgrade of hotel facilities at Marina Bay Sands is on track to be completed by the end of 2023, the company has confirmed.
Robert Goldstein, Chairman and CEO of the property’s parent firm Las Vegas Sands, provided an update in the company’s 2022 Annual Report, released Friday, noting that the “reinvestment plan” is well underway and nearing completion. First announced in February 2022, the upgrade is separate and in addition to a planned US$3.3 billion expansion project that will see a fourth tower built alongside Marina Bay Sands’ existing tower trio.
According to Goldstein, this US$1 billion reinvestment plan – which introduces world-class suites in 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.”
He also noted that the project was made possible by the US$6.25 billion sale of LVS’s Las Vegas assets in early 2022, the proceeds of which “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.”
LVS recently confirmed its plans for development of an integrated resort in New York should it win one of three licenses on offer, and has made no secret of its interest 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 US and elsewhere where capital investment could provide a substantial economic benefit to those jurisdictions while delivering strong returns for the company.”
As reported by Inside Asian Gaming, LVS has been forced to delay its US$3.3 billion MBS expansion project and was recently granted an additional 12-month extension, until April 2024, by the Singapore Tourism Board to begin construction.
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