Las Vegas adds US$1b to Marina Bay Sands Singapore expansion project

Las Vegas adds US$1b to Marina Bay Sands Singapore expansion project

The cost of the hotel and MICE expansion project at Marina Bay Sands in Singapore, known as MBS IR2 has increased to US$8 billion ($12.9n) following a further US$1b contribution by parent company Las Vegas Sands.

The deal allows for the company to increase the overall gaming area allocation for the expansion project, among other amendments. In return, “the additional upfront payment amount under the second supplemental agreement is currently anticipated to be approximately US$1 billion,” stated US-listed Las Vegas Sands (LVS) in a filing on Friday.

LVS had already made an upfront premium payment of US$963 million in 2019 to lease the parcels of land underlying the expansion project site through August 2066.

After setting an initial budget was US$3.3 billion in 2019, the Marina Bay Sands integrated resort project was expanded with costs rising to $8 billion.

That $8b investment comprised US$2b in total land premiums, and an estimated US$4.7b in design, construction and other related costs. Pre-opening and financing costs are at the time estimated at US$1.3b.

The project centres around a fourth hotel tower that will feature 570 luxury suites and expanded gaming options, including a “sky gaming” concept in the tower podium. It will also feature destination food and beverage, nightlife and public attractions.

Other additions include a 15,000-seat arena, 18,580sqm of MICE space, SkyPark and several high-end restaurants. Construction is expected to begin on July 8, 2025, with an expected completion date by July 8, 2029.

The contribution by parent company Las Vegas Sands shows it is keen to invest in the growth of Singapore’s high-value leisure and business tourism market.

Complementing and enhancing the existing resort, the new property will be designed by Safdie Architects, led by Moshe Safdie, the architect of the existing Marina Bay Sands and is set to redefine the Singapore skyline.

“From inception, Marina Bay Sands had a forward-looking vision, designed to reshape the tourism landscape of Singapore,” CEO Paul Town said.

“Since our opening in 2010, we have defied expectations again and again, and become one of the most successful integrated resorts in the world. We are now at the next stage of development with our ambitious transformation that is pushing the boundaries of luxury hospitality.

“The new brand vision and property refurbishment is timely as it mirrors and complements this vision, setting the tone as we enter the next phase of growth.”

Email the Travel Weekly team at traveldesk@travelweekly.com.au

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