Las Vegas Sands (LVS) is considering expanding its casino space at Marina Bay Sands (MBS) in Singapore, according to a Bloomberg report. The development plans reportedly include a new complex featuring a casino, restaurants, and an arena for live entertainment, though with fewer rooms than the existing resort.
LVS CEO Rob Goldstein, speaking at a May 29 investor conference, indicated that further details of the expansion plans will be disclosed later in 2024. In April, LVS has said that construction on a $4.5 billion expansion could start in July 2025 and be completed by 2029.
Reports indicated a fourth tower and a 15,000-seat arena for major concerts would be built, on land adjacent to the existing MBS towers. The fourth tower would not feature a new casino facility but include an expansion of the current casino space, as permitted by authorities in 2019, reports The Strait Times.
Singapore’s integrated resort (IR) operators were granted permission to expand their casinos to maintain the commercial viability of new attractions. However, additions are expected to target high-tier, non-mass market players, primarily tourists. If fully utilized, the expansion could increase the gaming space from 30,000 sq m to 32,500 sq m.
“Singapore is going through a growth spurt,” Goldstein remarked on May 29. “All of a sudden, Singapore’s become a hugely important market.”
LVS, which runs a casino in Singapore along with rival Genting Singapore, saw MBS revenue surge 36.8% to $1.16 billion in Q1 2024, driven by a rebound in tourism. Casino takings increased 44.9% to $859 million from $593 million year-over-year.
Goldstein also predicted that Singapore could achieve $7 billion in overall gambling revenue in 2024, potentially reaching $10 billion in the near future. The proposed entertainment arena aims to host high-profile concerts from artists like Taylor Swift and Bruno Mars, as well as popular Asian acts.
“Entertainment is a very important part of the mix. We’re proposing to build a very big part of that into our new building in Singapore,” Goldstein added.
Original article: https://www.yogonet.com/international/noticias/2024/05/30/72431-las-vegas-sands-eyes-casino-expansion-at-marina-bay-sands-in-singapore
