A $1 billion upgrade of the hotel facilities at Singapore's Marina Bay Sands integrated resort is on track to be completed by the end of 2023, as confirmed by the property’s parent firm Las Vegas Sands on Friday.
Robert Goldstein, Chairman and CEO of Sands, provided an update in the company’s 2022 Annual Report, announcing that the “reinvestment plan” is well underway and nearing completion.
First announced in February 2022, the upgrade is separate and in addition to a planned $3.3 billion expansion project that will see a fourth tower built alongside Marina Bay Sands’ existing tower trio.
According to Sands, this $1 billion reinvestment plan, which introduces world-class suites in Tower 1 and Tower 2, is designed to “meaningfully enhance our suite product offering and the appeal of our market-leading Integrated Resort in Singapore" to premium customers seeking "immersive travel experiences.”
Goldstein also noted that the project was made possible by the $6.25 billion sale of Sands’ Las Vegas assets in early 2022, the proceeds of which “enhanced our balance sheet strength and liquidity, and enabled us to continue investing in future growth opportunities in both Macau and Singapore, while pursuing additional growth opportunities in new markets.”
Las Vegas Sands recently confirmed its plans for the development of an integrated resort in New York should it win one of three licenses on offer, and has also shown interest in Thailand, which is currently considering legalizing casino gaming.
“We believe we are very well positioned to deliver growth as travel and tourism spending in Asia continue to recover,” Goldstein said. “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.”