Apr 27, 2023 Newsdesk Latest News, Singapore, Top of the deck
The promoter of the Marina Bay Sands gaming resort in Singapore says the property’s US$1-billion reinvestment programme has “reached a critical milestone” this week, with the completion of more than 850 hotel rooms.
The figure represents nearly two-thirds of the 1,282 rooms that will result from the renovation at Towers 1 and 2 of the casino resort. “The next phase of renovation will focus on the ultra-luxe suites,” according to a Thursday statement.
The resort is run by Marina Bay Sands Pte Ltd, a unit of U.S.-based Las Vegas Sands Corp.
According to the announcement, the hotel renewal will see more suites (example pictured) being created at Marina Bay Sands within Towers 1 and 2, from 137 previously to around 422.
“With the transformation in Towers 1 and 2 expected to be completed by end 2023, the renewal will continue into Tower 3, the hotel lobby and Sands SkyPark,” said the property’s operator. Further details of the renovation are to “be announced at a later date,” it added.
Paul Town, Marina Bay Sands’ chief operating officer, said in prepared remarks included in Thursday’s announcement: “The transformation doesn’t just stop at our new rooms… Over the next few years, guests will witness luxury at every corner of our property.”
He added: “From the arrival experience at the lobby to new concepts on Sands SkyPark, every guest touchpoint is being reviewed and transformed, at a scale unprecedented in our 13 years of operations.”
In Thursday’s release, Marina Bay Sands also said it had launched a so-called “Bay Precinct Strategy”, partnering with 10 other hotels and service providers from the Marina Bay area to create an “enlarged meetings, incentives, conferences and exhibitions (MICE) ecosystem”.
The completion of the current phase of renovation of Marina Bay Sands comes on the back of robust earnings in the first quarter of 2023.
The property’s net revenues more than doubled year-on-year, to US$848 million for the first quarter of 2023, with room revenue hitting US$97 million, approximately 155-percent higher that a year ago. Quarterly adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) reached US$394 million, up from US$121 million in first-quarter 2022.
The US$1.0-billion “suite renovation programme” for the existing accommodation at Marina Bay Sands is separate from a plan to expand the casino resort.
In March, Las Vegas Sands said it had been authorised by Singapore’s authorities to delay by 12 months the deadline to start construction work for the extension of Marina Bay Sands. It was the second 12-month deadline extension granted to the firm regarding the start of construction for the expansion.
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