The second phase of the Marina Bay Sands (MBS) complex in Singapore, run by casino group Las Vegas Sands Corp, will in likelihood “result in a considerable amount” of additional visitors to the property, suggests Moody’s Investors Service Inc.
That could generate “considerable earnings” for Las Vegas Sands, and enable the group to “reduce leverage”, stated the rating agency in a recent note.
Las Vegas Sands broke ground in July on a US$8-billion Marina Bay Sands expansion, known as MBS 2.0 (pictured in a rendering). Construction of the new phase will be completed by June 2030, and open in January 2031, according to corporate information.
The expansion project will feature a new 55-storey, 570-suite hotel tower. It will offer additional gaming space, as well as restaurants, retail shops, a spa and other wellness amenities. Situated adjacent to the new hotel tower, the podium will house 200,000 square feet (18,580 sq. metres) of space for meetings, and a 15,000-seat arena.
Moody’s stated in its report: “We believe that, once constructed, this property will result in a considerable amount of additional visitation at MBS, and in turn, considerable earnings and ability to reduce leverage.”
In May, Marina Bay Sands – one half of Singapore’s casino resort duopoly – announced that hotel room renovations at the three existing towers had been completed, meaning the property had a “full inventory” of approximately 1,850 rooms, including 775 suites.
Las Vegas Sands is also the parent of Sands China Ltd, one of Macau’s six casino concessionaires.
According to Moody’s, Las Vegas Sands “spent roughly US$1.57 billion in total capital expenditures for 2024, with an additional US$2.2 billion in 2025, including US$1 billion of land premium payments”.
The casino group “maintains a US$5.88 billion delayed draw term loan to fund the Marina Bay Sands expansion,” noted the institution.
The ratings agency observed that full-year 2024 adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) for Marina Bay Sands “significantly exceeded pre-pandemic 2019 levels, at US$2.05 billion”.
“Singapore’s strong performance has continued in 2025,” Moody’s added.
Second-quarter adjusted property EBITDA for Marina Bay Sands was up 50.0 percent from a year earlier, at US$768 million, according to Las Vegas Sands.
Moody’s also noted that performance at the group’s operations in Macau “still remain below pre-pandemic levels”.
It added: “We expect Las Vegas Sands’ leverage to continue to improve over the next 12 to 18 months to about 3.0 times.”
Las Vegas Sands’ investment-grade senior unsecured credit rating of ‘Baa3’, with a ‘stable’ outlook, was “supported by the high quality, popularity, and favourable reputation of its casino properties,” and “long-term” gaming demand trends in the markets where it operates, said Moody’s.
