Singapore Tourism Board grants another extension for Marina Bay Sands expansion
The Singapore Tourism Board has granted Las Vegas Sands Corporation - the parent company of Marina Bay Sands (MBS) - yet another year to kickstart its US$3.39 billion expansion plan with works anticipated to start in April 2024 after two delays.
According to a filing on 23rd March 23, LVS agreed to a supplemental amendment to its April 2019 deal with the Singapore Tourism Board in order to extend the deadline to commence construction on the extension to Marina Bay Sands to 8th April 2024.
Las Vegas Sands and Singaporean authorities have agreed to “make certain changes to the construction and operation plans” for the expansion, according to the filing. However, there is no additional information about the agreed changes.
The extension is part of an agreement with the Government, under which MBS and Resorts World Sentosa (RWS) pledged to plough a combined US$6.8 billion into new non-gaming attractions.
In return, the Government would provide them with “business certainty” by ensuring that no casinos will be built in Singapore until end-2030.
Genting Singapore, operator of RWS, also pledged in 2019 to invest US$3.39 billion in an expansion of its Integrated Resorts.
The Marina Bay Sands expansion plans announced by Las Vegas Sands in April 2019 include a hotel tower with a rooftop attraction, meeting, incentive, convention and exhibition (MICE) facilities, a live entertainment arena with a seating capacity of at least 15,000 and associated public areas and public connections. Last April, the company was granted a three-year extension to its licence until April 2025.
The company is carrying out a separate, unrelated “suite renovation programme” for the existing accommodation at Marina Bay Sands. The renovation is set to be completed by December 2023 and will result in 400 “premium suites”, compared to approximately 150 in 2019.
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