Las Vegas Sands To Invest $8 Billion To Expand Singapore Casino
The family of the late billionaire Sheldon Adelson, who owns Las Vegas Sands, is planning to invest $8 billion to expand their casino resort in Singapore as tourism in the city is growing rapidly.
Las Vegas Sands initially set aside $3.4 billion for its Singapore project in 2019, but now plans to expand it to a full-scale resort with an $8 billion investment. This includes a new 570-room luxury hotel, a 15,000-seat entertainment arena, and a large conference and exhibition space adjacent to its existing Marina Bay Sands property.
The new hotel tower will be designed by Moshe Safdie, who also created the original Marina Bay Sands hotel, a landmark in Singapore’s skyline. Expected for completion by 2031, the project is awaiting government approvals.
Las Vegas Sands’ President and COO, Patrick Dumont, shared optimism about the strong growth and future of their Singapore operations. He noted excitement for the business’s potential as the market continues to show impressive strength.
Las Vegas Sands saw a 12% rise in net revenue, reaching $8.4 billion in the first nine months, with $3 billion coming from Marina Bay Sands. Since selling its Las Vegas properties in 2021, the company has expanded in Asia, committing $4.5 billion through 2032 for new features, including a tropical garden next to its Londoner Hotel, which is also being renovated.
Las Vegas Sands is set to make a landmark $8 billion investment to expand its Marina Bay Sands resort in Singapore. Building on its $3.4 billion commitment from 2019, the company now plans to introduce a new luxury hotel tower with 570 rooms, a 15,000-seat entertainment arena, and a 110,100-square-foot conference space. Renowned architect Moshe Safdie, who designed the iconic Marina Bay Sands, will lead the new tower’s design, expected to complete by 2031 pending approvals.
This investment reflects Sands’ shift to Asia since selling its Las Vegas holdings in 2021. Asia now accounts for a significant portion of its revenue, with Marina Bay Sands alone contributing $3 billion of Sands’ $8.4 billion in revenue during the first nine months of this year. Additional expansion in Macau, including a $4.5 billion investment in new features by 2032, underscores Sands’ dedication to the region.
Published: 26th October 2024
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