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An extension for the Marina Bay Sands expansion
The Las Vegas Sands Group is to make a multibillion-dollar expansion and upgrade at its Marina Bay Sands hotel-casino in Singapore a reality.
However, due to the international Covid-19 coronavirus pandemic, this project has been delayed several times.
On Friday, March 24, it was learned that the operator had again obtained a new extension from the Singapore Tourism Board.
It has now until April 2024 to launch these famous works which must be completed in April 2028.
An ambitious $3.3 billion project to keep the duopoly until 2030
For the past three years, the Las Vegas Sands Group has been battling with the Singapore Tourism Board to delay the start of expansion and upgrades to its Marina Bay Sands hotel-casino.
In 2022, for example, he had obtained an extension that allowed him to launch the realization of this ambitious project in May 2023. At the time, the government agency made it known that it was not satisfied with this decision.
Yet it has just granted another extension to Las Vegas Sands.
For the record, it should be recalled that the group had agreed in 2019 to spend more than $ 3.3 billion to expand and upgrade its hotel-casino in Singapore so as to maintain the duopoly in the city-state until 2030. Originally, the operator was to complete the work in 2027.
However, due to the international health crisis that led to the closure of the gaming facility, Las Vegas Sands has repeatedly requested and received an extension to start and finish this renovation work.
Changes in plans mentioned without specific details
In addition to an additional delay for the beginning of the work, the announcement of last Friday also evokes changes in the plans, without providing more precision on this subject.
Originally, the project included upgrades to the hotel-casino and the construction of a fourth hotel tower, additional meeting and convention space, but also new entertainment amenities among other things.
In return, the Singapore government gave its approval for the expansion of the gaming hall, which will allow for the addition of 1,000 more slot machines.
A surprising extension in view of the good results of the Marina Bay Sands
According to many analysts, the extension recently granted to Las Vegas Sands seems rather surprising. Indeed, the Marina Bay Sands has obtained results in line with forecasts, which allow it to return to a solid financial base.
During the fourth quarter of 2022, for example, the hotel-casino posted an impressive increase in net revenue of nearly 50% over the same period last year.
Its revenue was $682 million and its EBITDA was $273 million, an increase of nearly 54.2%.
In addition, tourism has recovered well in Singapore. Moreover, the average time spent by visitors in the city-state has increased. During the year 2019, it was 3.36 days to increase to 4.81 days, during the fourth quarter of 2022.
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