GGRAsia – Marina Bay Sands US$750mln refresh for Tower 3: LVS

Marina Bay Sands US$750mln refresh for Tower 3: LVS

Oct 19, 2023 Newsdesk Latest News, Singapore, Top of the deck

Singapore casino complex Marina Bay Sands (pictured) is to see a revamp of its Tower 3 hotel space up to 2025 at a cost of US$750 million, the resort’s parent company Las Vegas Sands Corp disclosed on Wednesday in materials published at the time of its third-quarter earnings.

The United States-based parent says the rejig of circa 550 rooms in Tower 3 will be part of ‘Phase 2′ of an ongoing room renovation for the property as a whole, that will be completed “through 2025”.

The group’s half-year report had mentioned the ongoing US$1.0-billion renovation of hotel rooms in Tower 1 and Tower 2 at Marina Bay Sands, but not the plans for Tower 3.

As well as work on Tower 3, ‘Phase 2′ of the guest space rejig at Marina Bay Sands includes a renovation of the “lobby and VIP arrival” areas, and of amenities at the SkyPark Observation Deck atop the building.

The revamp overall, will see “enhancements” to gaming offerings, additional dining options, and other entertainment and retail offerings, according to a presentation deck of materials issued by Las Vegas Sands.

“It’s the best money we could spend to make that product successful and stronger. It’s going to have enormous dividends in the future,” said Robert Goldstein, LVS chairman and chief executive in Wednesday’s earnings conference call, commenting on the additionally-disclosed aspects of Phase 2. The American parent also controls Macau casino operator Sands China Ltd.

The Singapore room revamp work is separate from the group’s commitment to the city-state’s authorities to invest at least SGD4.5 billion (currently US$3.27 billion) on expansion of Marina Bay Sands.

Previously, some “room product ” at Marina Bay Sands had been “lacking both from a size perspective, but also a finish perspective,” noted Mr Goldstein on the call. Also, some of the casino space was “just not very good… and in our business, great buildings always prevail, and prevail for a decade,” he added.

Work on Tower 1 and Tower 2 – i.e., revamp Phase 1 – involves circa 1,300 redesigned rooms, including about 390 suites, plus improvements to gaming space, the Paiza Sky Club, and “premium food and beverage and retail offerings”, according to the presentation deck.

“As of September 30, 2023, we have introduced circa 1,200 redesigned rooms, of which about 300 are new suites,” said LVS in its latest presentation materials. The remaining renovation work of Tower 1 and Tower 2 is due to be completed within the fourth quarter this year.

Once revamp Phase 1 and Phase 2 are done, 1,850 upgraded hotel rooms will be available, including circa 770 suites, according to the presentation materials.

Regarding the separate expansion programme – some details of which had been aired in April 2019 – there is due to be an additional all-suite “luxury hotel tower” featuring a “sky roof” with a swimming pool and other attractions, conference and meeting facilities and an entertainment arena with approximately 15,000 seats, as well as luxury shops.

LVS president and chief operating officer Patrick Dumont noted on Wednesday’s earnings call: “It’s something that’s probably six months to a year away depending on how things go with approvals in order to get started.”

He stated: “It will grow the market for us, be a different product and allow us to also have a live entertainment venue in Singapore, which is something that we really haven’t had in scale before. “