SINGAPORE: The US$3.3 billion expansion of Marina Bay Sands will be completed in 2026, one year after an original 2025 deadline, according to parent company Las Vegas Sands.
A US$1 billion (S$1.35 billion) renovation of Marina Bay Sands' hotel properties was also announced by Las Vegas Sands CEO and chairman Rob Goldstein at an earnings call last Thursday (Jan 27).
Las Vegas Sands president and COO Patrick Dumont said the company had decided to reinvest in the hotel while it was experiencing "downtime" to enhance the quality of its suites and amenities.
"This will address some of the goals that have been laid out by the Singapore Tourism Board and the Government there, as well as help us address and grow our business in high value tourism," he said.
When asked about potential disruption during the COVID-19 pandemic, which has delayed construction projects, Mr Goldstein said the renovation was "moving at a really good pace".
Mr Dumont added that the renovation works were likely to take two years due to the supply of labour and materials.
CONFIDENCE IN RECOVERY
Mr Goldstein said the company's confidence in long-term opportunities in Singapore remains "deep", citing demand for the vaccinated travel lanes (VTL) as a positive indication of recovery.
"It's a real predictor of what's going to happen when (Singapore) opens back up. Hopefully, we see it in the first half of the year," he said.
"It's a shame. I think we had a real, a positive momentum going that got crushed by the Omicron concerns."