LVS to spend additional $750M to revamp MBS

Marina Bay Sands in Singapore

In a strategic move to capitalize on Singapore’s soaring room rates and a booming post-pandemic travel sector, Las Vegas Sands (LVS), steered by the late casino magnate Sheldon Adelson’s family, is channeling an additional $750 million into the enhancement of Marina Bay Sands (MBS), Forbes reported yesterday.

This infusion escalates the overall expenditure on the refurbishment of this landmark casino, hotel, and convention center to a striking $1.75 billion.

The initial phase of this extensive renovation has already transformed 1,280 rooms across two towers of MBS, incorporating 390 newly minted suites. The ambitious second phase aims to reimagine approximately 550 rooms in the third tower, of which 380 will be luxurious suites.

Paul Town, MBS’s Chief Operating Officer, said that “the reinvestment in Marina Bay Sands over the past two years has significantly elevated our offerings in luxury travel. The ongoing phase is pivotal in elevating the property to unprecedented levels, ensuring we are well-positioned to seize future growth opportunities.”

This investment in Singapore is part of Las Vegas Sands’ broader strategy to exploit the Lion City’s travel surge.

The company is concurrently investing an additional $3 billion over the coming years to expand Marina Bay Sands, including the addition of a new luxury hotel tower with 1,000 rooms, and extensions to both the convention center and shopping mall.

Marina Bay Sands has witnessed a 34.3% increase in net revenue, reaching $1 billion in the third quarter of 2023, as Singapore’s travel and tourism industry continues its robust recovery.

According to Forbes, rival operator Genting Singapore, under Malaysian billionaire Lim Kok Thay’s control, is also intensifying its investment efforts.

In November, Genting announced plans to invest an extra S$2.3 billion ($1.7 billion) in refurbishing Resorts World Sentosa, raising its total renovation budget for the casino resort and theme park to S$6.8 billion.

In Macau, LVS is committing $3.8 billion following the renewal of its gaming license in the territory. This investment will predominantly support non-gaming ventures, including new meeting spaces and entertainment amenities. MDT/Forbes