The kick-off of the US$3.3 billion expansion project announced in 2019 for the exclusive hotel-casino resort Singapore’s Marina Bay Sands has been postponed by 12 months again. The project having been scheduled to start in April 2023 will commence in April 2024 to complete by April 2028.
COVID19-Driven Deadline Extension:
Singapore’s leading operator, run by Las Vegas Sands, has signed the addendum to the original 2019 Development Agreement with the Singapore Tourism Board to be awarded the extension. The development of the fourth tower with rooftop attractions adjacent to the current Marina Bay Sands resort shall therefore commence by 8 April 2024 to be completed by 8 April 2028.
The operator also announced that the latest update to the original agreement includes certain project amendments which might be the reason for the deadline extension in addition to the COVID-19 circumstances that have already affected the project time schedule in May and July of 2021.
In 2021, Sands facilities faced pandemic-induced closures or had their operations limited to around 25 percent and a 16 square meter space allowance per person within the resort premises. The latest time schedule extension for the Sands fourth tower project indicates that the resumption of normal operation has not offset the COVID-19 impact yet.
Expansion to Include Rooftop Attractions:
According to the project, the Marina Bay Sands resort expansion will include the development of a fourth hotel tower with attractions such as a sky pool and signature restaurant to be located on the 55th floor of the hotel blocks of the facility. The US $3.3 billion expansion will introduce luxury amenities, fine dining brands, and an Executive Club Lounge experience. It will also include conference rooms, exhibition halls, and a unique live entertainment arena capable to accommodate around 15,000 people.
The rooftop experience to be offered on the 55th floor of the hotel tower will surely be an unforgettable gaming lounge with a total of 3,500 gaming machines offering an extensive array of gaming content and space, which additional extension by some 2,000 square meters has been allowed and anticipated under the original Development Agreement.
Facilitating Project Adjustments:
Although the pandemic made a huge impact on the Marina Bay Sands operations and plans, the company has doubled its net revenues in Q4 2022 in comparison to the same period of 2021 generating US$682 million and looking for further growth. The pandemic might have slowed down the company’s developments and affected its expansion plans, but it also gave Sands some additional time to update the latest expansion project based on the current gambling market developments and the latest market projections.