Marina Bay Sands Plans $3.3 Billion Expansion
Las Vegas Sands (LVS) Corp. announced on Wednesday it is planning a $3.3 billion expansion to Marina Bay Sands. The expansion includes another hotel tower, an entertainment arena, and additional convention space.
LVS said it will begin construction on the Marina Bay Sands expansion immediately. It has permission from the government of Singapore to move ahead.
Rob Goldstein, the COO and president of Las Vegas Sands, said the new annex reflects the tourism industry to the city-state. It also reflects the massive success of arguably the world’s best casino. Singapore’s laws ban domestic residents from playing in the city’s casinos, so LVS depends on visitors for its massive revenues.
Last year, Forbes listed Marina Bay Sands as the most lucrative casino in the world. The casino has only one competitor in the city: Genting Group’s Resorts World Sentosa. Despite that fact, Singapore is the third-leading casino destination city in the world, behind only Macau and Las Vegas.
Marina Bay Sands Expansion
Since Marina Bay Sands opened in 2010, it has set the standard in Asian gaming. The iconic structure now is not only a famous tourist destination, but a commonly-shown Singaporean landmark.
Las Vegas Sands founder Sheldon Adelson said the entertainment arena should take the resort’s appeal to another level. Adelson said, “We plan to create even more [tourism] with this expansion.”
15,000-Seat Live Event Center
With a proposed 15,000 seats, the Marina Bay Sands arena should be a must-stop on all Asian live music and entertainment tours. Global tours that might otherwise skip Southeast Asia will book the Marina Bay Sands. Music fans from all over the region should flock to the city-state to watch world famous acts.
The planned hotel will house many of those concert goers. Marina Bay Sands has 1,500 hotel rooms at present, but LVS plans to add 1,000 more rooms in the expansion.
Marina Bay Sands’ New Hotel
Rob Goldstein suggested the hotel expansion is as important as the other parts of the new development. He said, “The additional hotel rooms are extremely important to us in addressing the demand created by our leisure and business tourists and our premium gaming customers.”
The hotel plans contain a sky roof and swimming pool. Like the current towers, it’s likely to be an infinity pool on the top of the building. LVS is designing a signature restaurant, atrium, and terraces for the hotel roof.
About Las Vegas Sands
Las Vegas Sands is the largest casino company in the world. Along with Marina Bay Sands, LVS owns the Venetian Macau, the Parisian Macau, and three other casinos in the Chinese gambling capital. Venetian Macau generates the most revenue of any casino in the world’s highest-revenue casino city.
LVS also owns the Venetian Las Vegas, the Palazzo, and Sands Expo Center in Las Vegas. Increasingly, the Sands Expo Center is becoming the top venue on the Las Vegas Strip for events and conventions. The Expo Center hosts everything from national political rallies to the Global Gaming Expo (G2E), the largest trade exhibition in the global gambling industry.
Based on the revenues from Marina Bay Sands, Venetian Macau, and Parisian Macau, Sheldon Adelson is the richest gaming executive in the world. At one time he was worth an estimated $38 billion or $39 billion, making him the 8th-richest person in the world.
Later, Adelson’s fortunes declined due to the 40% downturn in Macau casinos’ share price. His fortune might have dropped to $26 billion or $27 billion, which still made him one of the richest Americans. Forbes estimates his fortune has climbed up to $32 billion or $33 billion. On one single day of trading, Adelson once made $2 billion simply from increases in share prices.
Using his wealth, Sheldon Adelson bought the Haaretz newspaper in Israel and turned it into the paper with the widest circulation. He also bought the Las Vegas Review-Journal, the publication with the widest circulation in Nevada. Adelson also became a top political contributor in the 2012 and 2016 US presidential elections, along with the 2014 and 2018 midterms. He and his wife, Miriam Adelson, also built a hospital for philanthropic purposes.