A General View of Marina Bay Sand at Sunrise on September 18, 2016 in Singapore, Singapore. (Photo … [+]
Las Vegas Sands—controlled by the family of the late casino billionaire Sheldon Adelson—plans to invest $8 billion to expand its integrated casino resort in Singapore amid a tourism boom in the city-state.
The company originally earmarked $3.4 billion when the project was first announced in 2019. The new plan now includes a full-scale integrated resort that includes a new 570-room luxury hotel tower, a 15,000-seat entertainment arena and a 110,100 square feet conference and exhibition space right next to the existing Marina Bay Sands property, Las Vegas Sands said during its third-quarter earnings call.
The new hotel tower will be designed by Moshe Safdie, who is also the architect of the existing Marina Bay Sands hotel that helped redefine the Singapore skyline. It is expected to be completed by 2031, subject to government approvals.
“We’re very excited about the future and trajectory of the [Singapore] business,” Patrick Dumont, president and chief operating officer of Las Vegas Sands, said during the call. “It’s amazing how strong the market is.”
Las Vegas Sands’ net revenue increased 12% to $8.4 billion in the first nine months of the year, with Marina Bay Sands accounting for $3 billion.
The company has been expanding its operations in Asia since agreeing to sell its properties in Las Vegas in 2021. It is separately spending $4.5 billion until 2032 to expand its convention space and introduce new attractions such as the Le Jardin Tropical Garden next to the Londoner Hotel, which is undergoing renovations.
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