Marina Bay Sands (MBS) has officially obtained approval from the authorities to construct a fourth tower, marking a significant step in the scheduled expansion of the integrated resort.
The approved plan for the new tower includes 587 rooms, a reduction from the initial proposal of 1,000 rooms.
The Urban Redevelopment Authority (URA) of Singapore is overseeing the project. It greenlit MBS’s proposal for a hotel and retail development adjacent to its current three towers on an empty plot bordered by Bayfront Avenue, Sheares Avenue, and Sheares Link.
The fourth tower will comprise 153,100 square meters of hotel space and 12,185 square meters of retail space.
MBS is poised to have the fourth tower completed by 2028, with an estimated cost of $3.3 billion. The expansion plan, unveiled in early April 2022, initially featured a new tower with 1,000 hotel rooms and an adjoining concert venue accommodating 15,000 guests.
Since its opening in April 2010, the integrated resort boasts a total gross floor area of 581,400 square meters, offering around 1,850 rooms and suites, along with approximately 74,000 square meters of retail and dining space.
Las Vegas Sands, the parent company of MBS, recently announced its 4Q23 results, noting that MBS achieved a record $544 million in EBITDA last quarter, reaching 119 percent of the levels recorded in 4Q19.
MBS reported net revenues surpassing $1.06 billion, a significant increase from the $853 million recorded in 4Q19, with mass gaming revenue rising by one-third compared to the pre-pandemic quarter, reaching $583 million.
Currently, the company is working on the revamping of Tower 3, involving a $750 million additional investment, supplementing the $1 billion already allocated for the renovation of Tower 1 and Tower 2.
The revamp work includes renovating the hotel lobby and the Sands SkyPark rooftop, as well as hotel rooms. According to management, the work is expected to be completed by Chinese New Year in 2025.
