Las Vegas Sands CEO sees big surge in Singapore gaming revenue in near future
LAS Vegas Sands (LVS) – the parent company of Singapore’s Marina Bay Sands – will give more details of its upcoming expansion project later this year, said chief executive officer Rob Goldstein at an investor conference on Wednesday (May 29).
The new fourth tower was first announced in 2019 and full-scale construction is expected to begin by July 2025. The target is to complete the expansion by July 2029.
It has been previously reported that the additional building will have a 15,000-seat live entertainment arena, restaurants, and close to 600 hotel rooms, among other features.
“Singapore is going through a growth spurt,” Goldstein said. “All of a sudden, Singapore’s become a hugely important market.”
LVS, which shares the Singapore market with fellow integrated resort Genting Singapore, said that its first-quarter revenue in Singapore increased 37 per cent to US$1.16 billion.
Based on current trends, Singapore could see US$7 billion in gambling revenue overall this year, on its way to US$10 billion in the near future, Goldstein said.
The fourth tower is separate from a US$1.75 billion refurbishment of the existing Marina Bay Sands property.
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The company is interested in hosting concerts from the likes of Taylor Swift and Bruno Mars, as well as Asian acts, at the new entertainment arena when it is ready, Goldstein said.
“Entertainment is a very important part of the mix,” he said. “We are proposing to build a very big part of that into our new building in Singapore.” BLOOMBERG
