Mar 24, 2023 Newsdesk Latest News, Singapore, Top of the deck
Casino firm Las Vegas Sands Corp (LVS) says it has been authorised by Singapore’s authorities to delay by 12 months the deadline to start construction work for the extension of its Marina Bay Sands casino resort in the city-state.
It is the second 12-month deadline extension granted to the firm regarding the start of the so-called “2.0” expansion of Marina Bay Sands – or ‘Marina Bay Sands 2.0’, as the programme is also known.
Marina Bay Sands (pictured in a file photo) is run by Marina Bay Sands Pte Ltd, a unit of United States-based Las Vegas Sands.
The parent firm said in a filing on Thursday the group had agreed a supplemental amendment to its April 2019 deal with the Singapore Tourism Board. The latest agreement extends the deadline for Marina Bay Sands gaming resort to “commence construction” on a SGD4.5-billion (US$3.39 billion) extension to the property to “April 8, 2024”.
The two sides had previously agreed a similar deadline extension, to April 8 this year.
The latest filing by Las Vegas Sands clarifies that the “completion deadline” for Marina Bay Sands 2.0 has been set to April 8, 2028. Under the original April 2019 agreement with the Singapore Tourism Board, Las Vegas Sands had been required to complete such investment “within eight years”.
Thursday’s filing also said that Las Vegas Sands and the Singaporean authorities had agreed to “make certain changes to the construction and operation plans” regarding the expansion for Marina Bay Sands. The document did not add detail on the agreed changes.
In its latest annual report, published last month, Las Vegas Sands said the company was “in the process of reviewing the budget and timing of the Marina Bay Sands expansion based on the impact of the Covid-19 and other factors”.
The present position of Marina Bay Sands 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.
Las Vegas Sands’ announcement on April 2019 had mentioned the Marina Bay Sands 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”.
The company is currently carrying out a separate, unrelated “suite renovation programme” for the existing accommodation at Marina Bay Sands. According to the firm, upon completion of the scheme in December 2023, the property will feature approximately 400 “premium suites”, compared to approximately 150 in 2019.
Las Vegas Sands is also the parent of Macau casino operator Sands China Ltd.
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Chairman and chief executive of Las Vegas Sands