Las Vegas Sands to Invest US$8 Billion to Expand Singapore Casino in Marina Bay Sands IR2

October 24, 2024 Singapore Casino & Hotel

Construction of Marina Bay Sands IR2 is scheduled to commence in June 2025. It is expected to be completed by June 2030, with an estimated official opening in January 2031.

Las Vegas Sands (LVS) has announced an investment of $8 billion to expand the Marina Bay Sands in Singapore.

This project, dubbed as “Marina Bay Sands IR2,” marks a significant addition to the iconic Marina Bay Sands complex, which has long been a cornerstone of Singapore’s tourism and gaming industry.

Anchor Marina Bay Sands to:

Some of the most beautiful casinos in Asia

Anchor Singapore to: https://www.marinabaysands.com/expo-events-and-convention-centre/game-changer/mbs-expansion.html

Patrick Dumont, LVS President and COO emphasized the company’s aim to create a landmark destination. For Dumont, the new tower will be a premier gaming and hotel facility, focusing on delivering top-notch service and experiences to high-end clientele.

“Our goal with this tower is to make it something very different. This is going to be the most important gaming and hospitality building in the world. It’s going to be the best hotel in the world, and that’s our goal: the best service, the best experience, the best F&B,” said LVS president and chief operating officer Patrick Dumont said in a statement, as quoted by the Singapore’s Business Times.

The new IR2 project will not expand the existing hotel but will create a separate venue featuring a casino, 570 luxury suites, a 15,000-seat arena, and extensive MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, alongside high-end dining and a SkyPark.

In its recent earnings report, LVS indicated that the costs for IR2 have significantly increased from the initial $3.3 billion estimate announced in 2019.

The breakdown includes $4.7 billion for design and construction, $2 billion for land premiums, and $1.3 billion in upfront investment costs. Construction is set to begin in June 2025, with an anticipated opening date of January 1, 2031. LVS plans to fund 25% to 35% of the project through direct investment, while the rest will come from financing.

Robert Goldstein, LVS Chairman and CEO, projected Singapore’s gross gaming revenue (GGR) to reach $6.5 billion in 2024, with long-term growth expectations of up to $11 billion. He expressed confidence that Marina Bay Sands IR2 will enhance the company’s earnings, adding approximately $1 billion in annual EBITDA to the company’s bottom line.

Additionally, LVS is eyeing a $750 million renovation of Marina Bay Sands Tower 3, expected to be completed by the second quarter of 2025. This upgrade will include redesigned guest rooms and suites, lobby enhancements, new dining options, and wellness facilities.

Marina Bay Sands opened in 2010, transforming the city’s skyline with its distinctive three-tower design and offering a mix of luxury accommodations, entertainment, and a casino.

Over the years, the resort has played a crucial role in boosting tourism and contributing to Singapore’s status as a global gaming hub.