Marina Bay Sands Expansion Project Delayed, Now Targeting a 2031 Launch

Casino operator Las Vegas Sands Corp (LVS) has announced an adjustment in its Marina Bay Sands expansion timeline. The casino complex in Singapore is now expected to be completed in June 2030, with a new opening date in January 2031.

The announcement comes just a month after LVS affirmed the project would wrap up by July 2029 in a revised agreement with Singaporean authorities. The new completion and opening dates follows several negotiations and agreements, highlighting the magnitude and complexity of the project.

Project Modifications

In the detailed update, Las Vegas Sands indicated that the revised blueprint included modifications like a significant gaming area increase. The amendment was made after the property operator and LVS subsidiary Marina Bay Sands Pte Ltd signed a supplement agreement with the Singapore Tourism Board.

This update is the second of its kind, following the first one in March 2023, which assured that the project’s construction would kick off by July 2025 and be complete on July 8^th, 2029. However, the company emphasized that “any extension of the completion date beyond the July 8^th, 2029 deadline is subject to the approval of the Singapore government.”

The revised blueprint for the expansion – dubbed MBS IR2 – focuses on adding a new hotel tower and more casino facilities. The project now features a 15,000-seat arena, luxury retail spaces, and enhanced MICE areas that cement Marina Bay Sands as a leading entertainment destination.

Adjustments to the Financial Framework

In return for the revised expansion plans, Las Vegas Sands has agreed to pay Singaporean authorities US$1 billion by the second quarter of this year. The operator has also committed to covering costs associated with increased land premiums required to allocate the increased floor area for the project.

The casino conglomerate initially committed to investing SGD4.5 billion (US$3.3 billion) in the MBS expansion. The company has received several deadline extensions on the project, and the estimated cost has ballooned to US$8 billion. As of 2024, the company had spent about US$1.36 billion.

High Tourism and Economic Contribution Expectations

The ambitious expansion of MBS is expected to bolster the entertainment value of the casino resort, positively impacting the tourism and economic sectors. The project will add luxury suites, state-of-the-art gaming facilities, and dining options to appeal to the global audience. Upgrades are also ongoing in the existing structures, with modifications in Tower 1 and 2 recently completed and renovations in Tower 3 scheduled to end in the first half of this year.