The latest data from the Urban Redevelopment Authority (URA) indicates that Marina Bay Sands (MBS) has received approval for its expansion project, marking a significant development for the iconic resort. The expansion project, slated to be completed after 2024, is expected to enhance the guest capacity and revenue potential of MBS.
The approved project includes the construction of a new hotel tower with 587 rooms, covering a total space of 153,100 square meters for the hotel and an additional 12,185 square meters for retail space. The new tower will be built on an empty plot adjacent to MBS’s existing three towers. Although a firm timeline for completion has not been provided, the scale of the project indicates that it may extend beyond 2024.
This milestone achievement comes after close collaboration between MBS parent company, Las Vegas Sands (LVS), and the Singapore government to ensure that all regulatory requirements for the fourth tower project were met. Patrick Dumont, LVS president and COO, emphasized the importance of satisfying all necessary criteria and receiving the proper approvals for the project.
While MBS initially planned for a fourth hotel tower with 1,000 new rooms, recent upgrades to the existing hotel spaces have focused on introducing new suite products. The renovation of Towers 1 and 2 has increased the number of suites from 137 to 422, providing the company with more flexibility in designing Tower 4.
Las Vegas Sands is aiming for an annualized EBITDA of over $3 billion for MBS upon the completion of the fourth tower. The company’s financial results for Q4 and FY23 showed MBS recording annual EBITDA of $1.86 billion, with a record $544 million in the December quarter. LVS chairman and CEO, Robert Goldstein, expressed confidence in continued profit growth.
The planned expansion is expected to elevate the guest experience at MBS, with the new tower featuring a sky pool, signature restaurant, MICE facilities, and a state-of-the-art live entertainment area. LVS anticipates substantial potential for profit growth in the coming years, leveraging the iconic status of Marina Bay Sands and ongoing upgrade works.
Overall, the approval of MBS’s expansion project marks a significant step towards enhancing the resort’s popularity and revenue potential, solidifying its position as a mainstay in Singapore’s tourism sector.