Las Vegas Sands plans to build new development in Singapore
Las Vegas Sands (LVS) is planning another development in Singapore focusing on live entertainment and is possibly expanding its casino space, a Bloomberg report stated.
The new project will have fewer rooms than the existing Marina Bay Sands (MBS) resort but will feature a casino, restaurants, and a 15,000-seat arena for major concerts.
More details will be provided later in 2024, said LVS chief executive Rob Goldstein at an investors conference on 29 May, according to the report.
Plans include a concert venue
In April 2024, it was reported that MBS’ expansion, which includes the construction of a fourth tower, is expected to start in July 2025 and be completed by 2029.
The Straits Times reported that the fourth tower will not include a new casino facility but will feature an expansion of the current casino space, approved by authorities in 2019.
Singapore has previously stipulated that any expansions must target “higher-tier non-mass market players, who are mainly tourists,” to ensure the commercial viability of new attractions at integrated resorts (IR).
Source: Unsplash
Meanwhile, the new development will focus on a live entertainment space as LVS aims to host concerts by artists like Taylor Swift and Bruno Mars, as well as popular Asian acts.
The new development is said to complement LVS’ existing casino resort here.
“Entertainment is a very important part of the mix,” Bloomberg quoted Mr Goldstein. “We’re proposing to build a very big part of that into our new building in Singapore.”
Singapore is a “hugely important market”
Mr Goldstein emphasised Singapore’s importance as an expanding market, saying the country is experiencing a “growth spurt”.
“All of a sudden Singapore’s become a hugely important market,” he said during the press conference.
Based on current trends, Singapore could have US$7 billion (~S$9.47 billion) in gambling revenue in 2024, he added.
Mr Goldstein also projects this amount to increase to US$10 billion (~S$13.5 billion) in the near future.
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Featured image adapted from Unsplash
