In the URA data released at the end of December 2023, Marina Bay Sands (MBS) has received approval to proceed with its expansion project. This expansion aims to increase guest capacity, as well as expand the hotel and retail space, which will attract new customers and significantly increase revenues.
The approved project includes the construction of a new hotel with 587 rooms, covering 153,100 square meters of hotel space and an additional 12,185 square meters for retail space. The new tower will be located adjacent to MBS’s existing three towers. While MBS has not provided a firm timeline, the scale of the project suggests that completion will likely extend beyond 2024.
This approval marks a crucial milestone for MBS as it pursues its expansion plans. Patrick Dumont, the president and COO of MBS’s parent firm Las Vegas Sands (LVS), highlighted the close collaboration with the Singapore government to ensure that the fourth tower project meets all regulatory requirements.
While MBS initially planned for a fourth hotel tower with approximately 1,000 new rooms in 2019, recent upgrades have focused on introducing new suite products, with the revamp of Towers 1 and 2 increasing the number of suites from 137 to 422, allowing for more flexibility in the design of Tower 4.
Las Vegas Sands is targeting an annualized EBITDA of over $3 billion for MBS once the construction of the fourth tower is completed, displaying confidence in continued profit growth. MBS aims to attract more guests with the planned expansion, including a “rooftop attraction” with a sky pool and signature restaurant, MICE facilities, and a state-of-the-art live entertainment area seating a minimum of 15,000 people.
LVS sees substantial potential for profit growth in the coming years by leveraging the iconic status of Marina Bay Sands and ongoing upgrade works. As a mainstay of Singapore’s tourism sector, MBS is expected to continue enjoying significant success, revitalized by the addition of the upcoming tower and its industry-leading amenities.