The company has entered into a development agreement with the Singapore government and said it will quickly begin work on the new project. Located immediately adjacent to the existing Marina Bay Sands Integrated Resort (IR), the key elements of the development will be a state-of-the-art 15,000-seat arena, a luxury hotel tower and additional MICE (Meeting, Incentive, Convention, and Exhibition) space.
"Marina Bay Sands is an iconic tourism destination that has exceeded all of our hopes in growing leisure and business tourism in Singapore and it is a privilege to receive the Singapore government's continued support of its development. The property has achieved amazing success for both Singapore and our company and we plan to create even more with this expansion," said Las Vegas Sands CEO Sheldon Adelson.
Since opening in 2010, Marina Bay Sands has attracted more than 330 million visitors. The property has brought over 700 new MICE events to Singapore since opening and hosted 3,680 events at the Sands Expo and Convention Center in 2018 alone.
The new 15,000-seat arena will play a key role in bringing new and repeat visitors to Singapore. The venue will attract top entertainers from Asia and around the world. The hotel tower, which will feature approximately 1,000 all-suite rooms and set a new standard of luxury in Southeast Asia, will also include a sky roof with a swimming pool and a signature restaurant. The tower will feature a dramatic atrium and terraces along with exciting food and beverage offerings and a combination of meeting rooms, ballrooms and exhibition halls.
The current total projected budget for the expansion is approximately $3.3 billion (S$4.5 billion) and a timeline for its completion is not yet available.
"The expansion of our Singapore IR is a key component of our company's strategic growth plan and also reflects the strong tourism and business potential in Singapore. The additional hotel rooms are extremely important to us in addressing the demand created by our leisure and business tourists and our premium gaming customers," commented the company's president Rob Goldstein.
Source: GMB
