LVS can delay Singapore extension start to April 2023

Casino firm Las Vegas Sands Corp says it has agreed an amendment to its April 2019 deal with the Singapore Tourism Board, which – in the casino entity’s words – now “extends the deadline for the firm’s Marina Bay Sands gaming resort to commence construction” on a SGD4.5-billion (US$3.31 billion) extension to the property, “by one year, to April 8, 2023”.

Under an April 2019 agreement with the Singapore Tourism Board, Las Vegas Sands had been required to complete such investment “within eight years”.

The present position of Marina Bay Sands (pictured) in a Singapore casino duopoly – alongside Genting Singapore Ltd’s Resorts World Sentosa – is guaranteed currently until December 31, 2030. Such guarantee from the Singapore government coincided with the April 2019 announcement about the development of additional facilities, as agreed with the tourism board. Genting Singapore has also pledged to commit SGD4.5 billion to extend its property.

In August 2020, a senior official of the Singapore Tourism Board said in an interview that it was “inevitable” there would be delays to the expansion of the city-state’s two casino resorts, due to the disruption to the construction sector wrought by the Covid-19 pandemic.

Las Vegas Sands’ announcement on April 2019 had mentioned the expansion would include “a hotel tower with a rooftop attraction, meetings, incentives, convention and exhibition (MICE) facilities comprising meeting rooms, function rooms and exhibition halls, and a state-of-the-art live entertainment arena with a seating capacity of at least 15,000 persons, as well as associated public areas and public connections”.

Source: https://www.ggrasia.com/lvs-can-delay-singapore-extension-start-to-april-2023/