Marina Bay Sands has seen its casino license renewed for three years by the Singapore Gambling Regulatory Authority.
The GRA announced the news on Friday noting that it renewed the casino license ‘after assessing that MBS has fulfilled the requirements’. The license renewal comes into effect on April 26th.
Under Singapore’s regulations, the GRA may specify a license term of three years or less. Marina Bay Sands being granted a three-year license renewal is of particular importance to the company given, that in November of 2024, the Gambling Regulatory Authority decided to only renew the casino license of MBS rival Resorts World Sentosa for a period of two years. The license renewal came into effect on February 6th.
At the time the GRA indicated that following an assessment of RWS’s tourism performance from 2021 to the end of 2023, it was found to be ‘unsatisfactory’. The GRA indicated that there were a number of areas that ‘require rectification and substantial improvement’. RWS can be subject to another evaluation in 2026.
Right Marina Bay Sands’ casino license renewal is also of particular importance to the company given the recent $9 billion loan it secured for its expansion plan. The loan is expected to aid the integrated resort expansion project going towards development and construction, covering costs expenses and fees.
The expansion project will add a fourth hotel tower, featuring 570 luxury suites, a 15,000-seat arena, and 110,000 square feet of MICE space. Construction is expected to begin by June 2025, with a target opening date of January 1st, 2031.
Once the project is complete, and yes is expecting a 40 percent increase in adjusted property EBITDA. The expansion is also aimed at creating the most valuable tourism development in the world.
