The works for the Marina Bay Sands new tower expansion should be initiated in around “six months to one year” depending on approvals, the President and Chief Operating Officer of Las Vegas Sands, Patrick Dumont, stated in the group’s latest conference call.
Las Vegas Sands is preparing a new $3.3 billion expansion project to its Singapore IR including the construction of a new hotel tower with 1,000 rooms and suites, MICE facilities, a 15,000-seat arena and a rooftop swimming pool, with investment initially to be completed within eight years of the effective date of the agreement, April of 2019.
“When Tower 3 is done, Marina Bay Sands is going to be a hotel property in the world. We’re really focused on it. From a food and beverage standpoint and from a retail standpoint,” Dumont pointed out.
“It will be additive to Marina Bay Sands. It will grow the market for us, be a different product and allow us to also have a live entertainment venue in Singapore, which is something that we really haven’t had in scale before.”
For the COO the expansion will attempt to drive high-value tourism and further growth, while attracting more tourists to Singapore looking for live entertainment, in a similar approach the company took with The Venetian and The Londoner in Macau.
This new stand-alone development comes on the tails of a $1 billion renovation of MBS, of its rooms and suites in Tower 1 and 2, and an upgrade of the ‘overall guest experience for premium customers’.
“We just completed Tower 1 and Tower 2. The design is luxurious. It’s residential, it is unmatched levels of service. These are the best things we’ve ever done, and they’re basically saying a new standard for hospitality and customer experience at our properties,” Dumont added.
Sands China has registered a massive increase in third-quarter revenue, rising from $251 million in 3Q22 to $1.78 billion in 3Q23, with net income coming back into the black at $231 million.
