The approval, listed in URA data released at the end of the December 2023 quarter, allows Marina Bay Sands (MBS) to proceed with its expansion project, which significantly bolsters guest capacity, expanding the venue’s impressive hotel and retail space. The project is situated alongside MBS’s existing three towers and should help attract new customers, significantly bolstering revenues.
The Operator Met All Regulatory Requirements
The approved project encompasses the construction of a hotel with 587 rooms, covering 153,100 square meters of hotel space and an additional 12,185 square meters allocated for retail space. The new tower will occupy an empty plot adjacent to MBS’s existing three towers. MBS has not provided a firm timeline, but the project’s scale means its completion will likely extend beyond 2024.
Securing official government approval marks a crucial milestone in the int jili777 egrated resort operator’s expansion plans. MBS parent firm Las Vegas Sands (LVS) president and COO Patrick Dumont noted that the company maintained close collaboration with the Singapore government, ensuring that the fourth tower project would meet all regulatory requirements.
There’s a lot of moving parts here, a lot of things we have to satisfy. We want to make sure that everyone is comfortable with it and that we get all the proper approvals.
Patrick Dumont, Las Vegas Sands president and COO
While MBS’ initial 2019 plans envisioned a fourth hotel tower with roughly 1,000 new rooms, recent upgrades to the property’s existing hotel spaces have focused on introducing new suite products. The revamp of Towers 1 and 2 increased the number of suites from 137 to 422, giving the company more flexibility with the design of Tower 4.
Tower 4 Will Elevate the Guest Experience to New Heights
Las Vegas Sands is targeting an annualized EBITDA of over $3 billion for MBS once the construction of the fourth tower is completed. Following the release of financial results for Q4 and FY23, which 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.
MBS likewise hopes the planned expansion will bolster the resort’s popularity, attracting more guests. The company highlighted that the new tower will contain a “rooftop attraction” featuring a sky pool and signature restaurant, MICE facilities comprising meeting rooms, function rooms, and exhibition halls, along with a state-of-the-art live entertainment area seating a minimum of 15,000 people.
LVS sees substantial potential for profit growth in the coming years, leveraging the iconic status of Marina Bay Sands and ongoing upgrade works. The resort has become a mainstay of Singapore’s tourism sector and should continue enjoying significant success, revitalized by the addition of the upcoming tower and its industry-leading amenities.
