GGRAsia – MBS Tower 3 overall revamp done by 2Q 2025: promoter

MBS Tower 3 overall revamp done by 2Q 2025: promoter

Apr 18, 2024 Newsdesk Latest News, Singapore, Top of the deck

U.S.-based casino developer Las Vegas Sands Corp says it expects to complete “by the second quarter of next year” the renovation of Tower 3 of its Singapore casino complex Marina Bay Sands (pictured). The company still aims to make available to the public some revamped rooms of Tower 3 “by Chinese New Year 2025”.

The company is currently carrying out a US$750-million revamp of the complex’s Tower 3, as well as the property’s hotel lobby, and the rooftop Sands SkyPark.

Following the renovation work, Tower 3 will have 550 rooms, including 380 suites. These are expected to be “in service by Chinese New Year 2025,” stated Las Vegas Sands in its first-quarter earnings presentation deck. In 2025, Chinese New Year falls on January 29

The overall revamp of Tower 3 is expected to be completed by the second quarter of 2025, confirmed on Wednesday Patrick Dumont, Las Vegas Sands’ president and chief operating officer. He was speaking on a conference call following the company’s first-quarter earnings announcement.

“We have now commenced the next phase of our capital investment programme at Marina Bay Sands, the US$750 million renovation that includes Tower 3,” stated the executive. “Tower 3 is scheduled to be completed by the second quarter of next year. This will support further growth in 2025 and beyond.”

The pledged investment for revamp of the complex’s Tower 3 is supplementary to the US$1-billion invested in the renovation of Tower 1 and Tower 2.

“We have now completed both Tower 1 and Tower 2 of the Marina Bay Sands hotel refurbishment. While we have substantially completed the original US$1 billion capital expenditure programme, we are still in initial stages of realising the benefits of these new products,” noted Mr Dumont.

Once the renovation is completed, Marina Bay Sands’ three hotel towers will offer 1,850 refurbished rooms, 770 of which will be suites. Before the revamp, there were about 2,560 rooms and suites.

Robert Goldstein, Las Vegas Sands chairman and chief executive, said on the call that the company “delivered a record quarter” in its Singapore operations.

“Our financial results in Singapore reflect the impact of our capital investment programmes and our service capabilities,” he added. “As we complete the balance of our investment programmes, there will be a lot more runway for growth in the future.”

The room revamp is separate from the group’s commitment to the city-state’s authorities to invest at least SGD4.5 billion (US$3.3 billion) on expansion of Marina Bay Sands. That enlargement will include development of a fourth hotel tower.

Earlier this month, Las Vegas Sands said the start of construction for the expansion of the complex was pushed back to July 2025, “with targeted completion by July 2029. In January the company received approval from the city-state’s authorities to develop a fourth tower, with 153,100 square metres (1.65 million sq feet) of hotel space over 587 rooms.