Singapore grants 12-month extension for Marina Bay Sands expansion
It’s the second extension granted for Marina Bay Sands 2.0.
Singapore.- Las Vegas Sands Corporation (LVS) has been granted permission by to extend the deadline for construction of the extension of the Marina Bay Sands casino resort in Singapore by 12 months. It’s the second time authorities have granted an extension for the project known as Marina Bay Sands 2.0.
According to a filing on Thursday (March 23), LVS agreed to a supplemental amendment to its April 2019 deal with the Singapore Tourism Board in order to extend the deadline to commence construction on a S$4.5bn (US$3.39bn) extension to Marina Bay Sands to April 8, 2024.
The completion deadline for Marina Bay Sands 2.0 is set for April 8, 2028. LVS was previously required to complete its investment “within eight years” under the original April 2019 agreement.
Las Vegas Sands and Singaporean authorities have agreed to “make certain changes to the construction and operation plans” for the expansion, according to the filing. However, there is no additional information about the agreed changes.
The Marina Bay Sands expansion plans announced by Las Vegas Sands in April 2019 include a hotel tower with a rooftop attraction, meeting, incentive, convention and exhibition (MICE) facilities, a live entertainment arena with a seating capacity of at least 15,000 people, and associated public areas and public connections. Last April, the company was granted a three-year extension to its licence until April 2025.
The company is carrying out a separate, unrelated “suite renovation programme” for the existing accommodation at Marina Bay Sands. The renovation is set to be completed by December 2023 and will result in 400 “premium suites”, compared to approximately 150 in 2019.
Marina Bay Sands has recently posted net revenue of US$682m for the fourth quarter of the year 2022. That’s down 9.8 per cent when compared to the previous quarter but up 85.3 per cent year-on-year from US$368m.
Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) declined 20.4 per cent from US$343 in Q3 2022 to US$273m. However, the figure was up 54.2 per cent from the US$177m posted in the fourth quarter of 2021.
