Las Vegas Sands to Invest $8 Billion in Singapore

Las Vegas Sands Corp (LVS), the parent company of Marina Bay Sands (MBS) in Singapore and the leading global developer and operator of integrated resorts, is planning to invest $8 billion in the second phase of MBS complex by adding a fourth tower to the property.

The new phase, referred to as ‘MBS IR2’ (Integrated Resort 2), includes a fourth hotel tower with a sky roof, a 15,000-seat entertainment arena, and additional premium Mice (meetings, incentives, conferences and exhibitions) space, as well as new food and beverage (F&B) and nightlife offerings, according to media reports.

Construction of MBS’ fourth tower is scheduled to commence in June 2025 and is expected to be completed by June 2030, with an estimated official opening in January 2031. Investment in the project, which was initially announced in April 2019 at the cost of $3.3 billion, has since more than doubled to $8 billion.

Robert G. Goldstein, chairman and chief executive officer of LVS Corp, said that although the financial results for the quarter reflected lower than expected hold in Singapore and the impact of disruption from our ongoing development work at the Londoner in Macao, LVS Corp continued to execute its strategic objectives during the quarter. 

“We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead as we execute our capital investment programs in both Macao and Singapore,” he said.

The company repurchased $450 million LVS shares under its share repurchase program during the third quarter.  The LVS Board of Directors has authorised $2 billion of share repurchases in the future and raised our annual dividend to $1 per share for the 2025 calendar year,” he said. 

Investing in Singapore Tourism

Speaking at the third quarter earnings call LVS Corp’s President and Chief Operating Officer Patrick Dumont said that he was confident about the long-term prospects of investing in Singapore’s tourism sector.

“We aim to continue adding value to Singapore and remain a strong partner with the government to achieve necessary tourism goals…Our goal with this tower is to make it something very different,” he added.

Dumont said that LVS wanted to create something extraordinary that addresses the Singapore market, with most of the gaming group’s highest-end products going to the city-state over the last 14 years.

This expansion includes approximately $4.7 billion for design and construction, $2 billion for land premiums, and $1.3 billion for pre-opening and finance costs.

MBS’ net revenue declined 9.5% to $919 million for the third quarter that ended in September, while its adjusted property earnings before interest, taxes, depreciation, and amortization (EBIDTA) fell 17.3 percent to $406 million.

LVS said that it was investing in the growth of Singapore’s high-value leisure and business tourism market with the expansion, thus establishing a new ultra-luxury resort destination that will enhance Singapore’s tourism appeal.

The gaming group will provide around 25%-35% of the project cost and the raise the balance funds through project financing.

Dumont said that the progress made on the ongoing $1.75 billion refurbishment program at MBS, has entered its initial stages.