SINGAPORE: The US$3.3 billion expansion of Marina Bay Sands will be completed in 2026, one 12 months after an authentic 2025 deadline, in accordance to guardian firm Las Vegas Sands.
A US$1 billion (S$1.35 billion) renovation of Marina Bay Sands’ hotel properties was additionally introduced by Las Vegas Sands CEO and chairman Rob Goldstein at an earnings name final Thursday (Jan 27).
Las Vegas Sands president and COO Patrick Dumont mentioned the corporate had determined to reinvest in the hotel whereas it was experiencing “downtime” to improve the standard of its suites and facilities.
“This will address some of the goals that have been laid out by the Singapore Tourism Board and the Government there, as well as help us address and grow our business in high value tourism,” he mentioned.
When requested about potential disruption through the COVID-19 pandemic, which has delayed development tasks, Mr Goldstein mentioned the renovation was “moving at a really good pace”.
Mr Dumont added that the renovation works had been probably to take two years due to the availability of labour and supplies.
CONFIDENCE IN RECOVERY
Mr Goldstein mentioned the corporate’s confidence in long-term alternatives in Singapore stays “deep”, citing demand for the vaccinated journey lanes (VTL) as a optimistic indication of restoration.
“It’s a real predictor of what’s going to happen when (Singapore) opens back up. Hopefully, we see it in the first half of the year,” he mentioned.
“It’s a shame. I think we had a real, a positive momentum going that got crushed by the Omicron concerns.”