Las Vegas Sands makes $8 bn Singapore bet with resort expansion
Source: AFP
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Casino operator Las Vegas Sands broke ground Tuesday on a new $8 billion project to expand its iconic Marina Bay Sands resort in Singapore, in a major bet on the city-state's tourism market.
The new complex is expected to open in 2031, pending government approval, and will include a 55-storey hotel tower with 570 luxury suites, a 15,000-seat arena, a casino, and space for exhibitions and conferences, the company said.
Called IR2 for now, the new Sands project will be located adjacent to its existing resort, which opened 15 years ago in Singapore's Marina Bay financial district.
"When completed, the expansion will refresh our skyline," said Singapore Prime Minister Lawrence Wong, who led the groundbreaking ceremony.
Marina Bay Sands consists of three 57-storey hotel towers supporting an elongated boat-like structure perched on top -- a favourite backdrop for tourists which also houses one of Singapore's two casinos.
Las Vegas Sands co-founder Miriam Adelson, the wife of late billionaire Sheldon, thanked Singapore and the country's leaders for trusting the company.
"You took a chance on us... we took a chance on you," she said.
Singapore has banked on man-made attractions to help lure tourists, including Southeast Asia's only Universal Studios theme park, a garden with massive artificial trees, a cavernous glass-encased flower dome, a world-class zoo and wildlife parks.
It also hosts a Formula One night race on the city's streets, and last year the country was Taylor Swift's only Southeast Asian stop for her Eras tour.
More than 16 million international visitors came to Singapore last year, up 21 percent from 2023.
Patrick Dumont, president and chief operating officer of Las Vegas Sands, said that when the new project is completed, the US firm would have invested "more than US$15 billion" in Singapore since it started operations there in 2010.
"This speaks volumes of our confidence in this region, and the potential that we continue to see in Singapore," he said.
Source: AFP
