Industry News | 24 Mar 2023

The US$3.3 billion Marina Bay Sands expansion project has been postponed until April 2024

 

The start of the US$3.3 billion expansion project for Singapore's Marina Bay Sands, an upscale hotel-casino complex, that was announced in 2019 has been postponed once more by a year. The project, which was supposed to begin in April 2023, will actually begin in April 2024 and end in April 2028.

 

Deadline Extension Determined by COVID19:

 

To be granted the extension, Singapore's top operator, controlled by Las Vegas Sands, has signed an amendment to the initial 2019 Development Agreement with the Singapore Tourism Board. So, construction on the fourth tower, which will include rooftop attractions, next to the existing Marina Bay Sands resort must start by 8 April 2024 and be finished by 8 April 2028.

 

In addition to the COVID-19 conditions that have already impacted the project time schedule in May and July of 2021, the operator also said that the most recent revision to the original agreement includes a few project adjustments that may be the cause of the deadline delay.

 

When the pandemic hit in 2021, Sands facilities either had to close completely or limit their business to about 25% of the resort's total square footage. The return to regular operation has not yet completely offset the COVID-19 impact, according to the most recent time schedule extension for the Sands fourth tower project.

 

Add Rooftop Attractions in the Expansion:

 

According to the plan, the Marina Bay Sands resort will be expanded to include the construction of a fourth hotel tower. This tower would have amenities including a sky pool and a signature restaurant, both of which will be situated on the 55th floor of the hotel complex. An Executive Club Lounge experience, fine eating establishments, and luxury facilities will be included as part of the US $3.3 billion development. Also, it will have conference rooms, exhibition spaces, and an unusual live entertainment arena with seating for 15,000 people.

 

With 3,500 gaming machines offering a wide range of gaming content and space, the rooftop experience that will be provided on the 55th floor of the hotel tower will undoubtedly be unforgettable. An additional extension of about 2,000 square metres has been allowed and anticipated under the original Development Agreement.

 

Promoting project modifications:

 

The pandemic had a significant influence on the operations and goals of Marina Bay Sands, but despite this, the firm quadrupled its net sales in Q4 2022 compared to the same period in 2021, producing US$682 million and aiming to expand. The pandemic may have delayed the company's growth and altered its expansion plans, but it also offered Sands more time to revise the most recent expansion project in light of recent changes to the gaming business and the most recent market estimates.