Marina Bay Sands in Singapore is getting an upgrade! Hotel facilities on the property will be upgraded by the end of the year, as the company announced.
The works on construction will cost about US$1 billion.
Las Vegas Sands’ plans and projects:
The parent company of the property, Las Vegas Sands’, Chairman and CEO, Robert Goldstein, announced the upgrade in the 2022 Annual Report of the company. It was announced on Friday, and the news is really good.
Goldstein commented on the reinvestment plan, saying that it is carried out and almost completed.
This upgrade isn’t related to another planned expansion project. Another project is a US$3.3 billion worth tower, the fourth in line, that is planned to be built next to the already built three towers of Marina Bay Sands.
The new plan is related to renovating luxury suites in Tower 1 and Tower 2 of Marina Bay Sands. Goldstein said that these upgrades are “designed to meaningfully enhance our suite product offerings and the appeal of our market-leading Integrated Resort in Singapore to premium customers seeking immersive travel experiences.”
The company sold its Las Vegas assets of US$6.25 billion worth last year, which enabled them to invest in renovations and upgrading the remaining properties. It allowed the Las Vegas Sands (LSV) to enhance its balance sheet strength and liquidity and to further invest in various growth opportunities. The company invested in Macau and Singapore casinos as well, strengthening its position in both regulated markets.
LVS also hopes to secure one of three licenses for the New York market, where it plans to build an integrated resort. Also, the company announced its interest in expanding to Thailand as soon as the country legalized casino gambling.
Rapidly growing Asian markets:
Goldstein added: “We believe we are very well positioned to deliver growth as travel and tourism spending in Asia continue to recover. We look forward to future investment in our properties and communities in both Macau and Singapore. In addition, we believe there are meaningful potential development opportunities in emerging jurisdictions in both the US and elsewhere where capital investment could provide a substantial economic benefit to those jurisdictions while delivering strong returns for the company.”
One of the huge LVS projects, the US$3.3 billion worth of Marina Bay Sands expansion, has been delayed recently. Its beginning has been delayed for 12 months, and it is planned for work to begin in April next year when the Singapore Tourism Board will start working on the property development.