MBS expansion part of LVS' Singapore exclusivity commitment
May 31, 2024 5:44:23 GMT -5
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Post by Blitz on May 31, 2024 5:44:23 GMT -5
MBS’ latest expansion plan is part of license exclusivity extension commitment: Daniel Cheng
Viviana Chan - May 31, 2024
agbrief.com/news/singapore/31/05/2024/mbs-latest-expansion-plan-is-part-of-license-exclusivity-extension-commitment-daniel-cheng/
Las Vegas Sands’ decision to expand Marina Bay Sands (MBS) is “part of the company’s commitment to extend its license exclusivity,” says gaming expert Daniel Cheng.
Daniel Cheng, gaming expert
At a May 29th investor conference, LVS Chief Executive Officer Rob Goldstein revealed that the firm is strategizing another project in Singapore to enhance its existing casino resort, featuring expanded space for live entertainment. More details will be announced later this year.
The upcoming development will offer fewer rooms compared to the current MBS, yet will include a casino, dining establishments, and an arena.
Singapore gaming expert Daniel Cheng told AGB that both integrated resorts, Genting Singapore and Marina Bay Sands, “are committed to investing SG$4.5 billion as part of the license exclusivity extension for another 10 years.” The license renewal occurred in 2019, so LVS’ $1.75 billion earlier announced expansion plans are “only one of the phases of LVS commitment they need to fulfill.”
At that time, Singapore announced that IR operators could expand their casinos to ensure the sustainability of new attractions, with the condition that any expansions target “higher-tier non-mass market players, who are mainly tourists.”
Reports indicated that if the IRs maximize their casino expansions within the allowed limits, it would result in an increase in the current gaming space from 30,000 square meters to 32,500 square meters.
At the investor conference, Goldstein also remarked that Singapore is experiencing rapid growth, with the city-state having emerged as a significantly “important market.”
Sands, competing in the market alongside rival casino operator Genting Singapore, reported a 37 percent increase in first quarter revenue in the country, reaching $1.16 billion.
Goldstein projected that, based on present trends, Singapore’s total gambling revenue could reach $7 billion this year, with a trajectory towards $10 billion in the foreseeable future.
Previously, Sands announced plans to potentially commence construction on the expansion by July 2025. Renderings depict a new hotel tower alongside a 15,000-seat performance venue. Notably, this project stands apart from a separate $1.75 billion refurbishment initiative for the current property.
Entertainment Arena
Expressing keen interest, Goldstein mentioned the company’s aspirations to host concerts featuring renowned artists like Taylor Swift and Bruno Mars, as well as performances by Asian talents.
Goldstein emphasized the significance of entertainment in the project, stating that a substantial portion will be integrated into the new building in Singapore.
According to MBS’ financial results, released under its parent LVS in April, MBS saw mass gaming revenue reach $687 million in 1Q24, with rolling volume at $8.2 billion and 95 percent hotel occupancy.
Viviana Chan - May 31, 2024
agbrief.com/news/singapore/31/05/2024/mbs-latest-expansion-plan-is-part-of-license-exclusivity-extension-commitment-daniel-cheng/
Las Vegas Sands’ decision to expand Marina Bay Sands (MBS) is “part of the company’s commitment to extend its license exclusivity,” says gaming expert Daniel Cheng.
Daniel Cheng, gaming expert
At a May 29th investor conference, LVS Chief Executive Officer Rob Goldstein revealed that the firm is strategizing another project in Singapore to enhance its existing casino resort, featuring expanded space for live entertainment. More details will be announced later this year.
The upcoming development will offer fewer rooms compared to the current MBS, yet will include a casino, dining establishments, and an arena.
Singapore gaming expert Daniel Cheng told AGB that both integrated resorts, Genting Singapore and Marina Bay Sands, “are committed to investing SG$4.5 billion as part of the license exclusivity extension for another 10 years.” The license renewal occurred in 2019, so LVS’ $1.75 billion earlier announced expansion plans are “only one of the phases of LVS commitment they need to fulfill.”
At that time, Singapore announced that IR operators could expand their casinos to ensure the sustainability of new attractions, with the condition that any expansions target “higher-tier non-mass market players, who are mainly tourists.”
Reports indicated that if the IRs maximize their casino expansions within the allowed limits, it would result in an increase in the current gaming space from 30,000 square meters to 32,500 square meters.
At the investor conference, Goldstein also remarked that Singapore is experiencing rapid growth, with the city-state having emerged as a significantly “important market.”
Sands, competing in the market alongside rival casino operator Genting Singapore, reported a 37 percent increase in first quarter revenue in the country, reaching $1.16 billion.
Goldstein projected that, based on present trends, Singapore’s total gambling revenue could reach $7 billion this year, with a trajectory towards $10 billion in the foreseeable future.
Previously, Sands announced plans to potentially commence construction on the expansion by July 2025. Renderings depict a new hotel tower alongside a 15,000-seat performance venue. Notably, this project stands apart from a separate $1.75 billion refurbishment initiative for the current property.
Entertainment Arena
Expressing keen interest, Goldstein mentioned the company’s aspirations to host concerts featuring renowned artists like Taylor Swift and Bruno Mars, as well as performances by Asian talents.
Goldstein emphasized the significance of entertainment in the project, stating that a substantial portion will be integrated into the new building in Singapore.
According to MBS’ financial results, released under its parent LVS in April, MBS saw mass gaming revenue reach $687 million in 1Q24, with rolling volume at $8.2 billion and 95 percent hotel occupancy.
