Back in 2019, Marina Bay Sands’ (MBS) owner and operator announced expansion plans worth S$4.5 billion (US$3.3 billion) for the integrated resort.
However, according to the parent company Las Vegas Sands’ (LVS) latest annual report, the expansion is likely to be delayed again.
The group is currently reviewing the budget and timeline of the MBS expansion due to the impact of the Covid-19 pandemic as well as other factors.
Source: Danny de Groot on Unsplash
Previously, the expansion was slated to be completed in 2025. It was then delayed to 2026 in February 2022, reported The Straits Times (ST).
Last February, LVS said the MBS expansion was on track to be completed by 2026.
That was a delay from the initial 2025 deadline and was apparently due to disruptions to the construction industry during the pandemic.
Under the Second Development Agreement with the Singapore government, LVS is obligated to commence expansion works by 8 Apr 2023.
But in their report on 3 Feb 2023, LVS said it does not “expect to be able to timely commence” such construction works.
The report stated that the group is currently in discussion with the government about a deadline extension for the “commencement and completion” of the MBS expansion.
LVS also said in the report that they will be breaching their obligations under the Second Development Agreement if the extension is not obtained.
For now, the company said that they’re “reviewing the budget and timing of the MBS expansion based on the impact of the Covid-19 pandemic and other factors”.
In response to Channel NewsAsia’s queries, a Singapore Tourism Board (STB) spokesperson said they will continue monitoring the progress of the developments.
While there are potential delays in the completion of the projects, the integrated resorts “remain committed to their expansion plans”.
MBS has and will continue to enrich Singapore’s tourism offerings, said the spokesperson.
The planned MBS expansion includes a new luxury hotel tower with 1,000 rooms and a 15,000-seat live entertainment area.
Although the delay is likely, LVS had expressed confidence in the continued success of the MBS integrated resort in its Q4 2022 report.
Source: Singapore Ferry Booking
Besides the MBS expansion, the Second Development Agreement MBS entered into with STB in Apr 2019 also includes “benefits and entitlements” for MBS upon reaching certain milestones.
This includes being allowed to have an additional 1,000 gaming machines, on top of the existing 2,500 machines.
ST reported that MBS will also have the option to purchase additional casino gaming area at a price that has yet to be determined.
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Featured image adapted from Jeybi Esguerra on Unsplash.
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