SINGAPORE: The expansion of Marina Bay Sands (MBS), which will see the integrated resort add a fourth tower, is now expected to cost US$8 billion (S$10.6 billion), its parent company Las Vegas Sands said on Wednesday (Oct 23).
Subject to Singapore government’s approval, the completion of the project may also be pushed back from July 2029 to June 2030, with the opening of the new premises – dubbed IR2 – slated for January 2031.
The developments were announced by Las Vegas Sands in its earnings presentation for the third quarter of 2024.
The US$8 billion will consist of US$2 billion in land premiums; US$4.7 billion in design and construction costs, as well as other costs; and US$1.3 billion in pre-opening and finance costs.
Designed by Moshe Safdie, the architect behind the existing MBS, IR2 will include a luxury 570-room all-suite hotel; a multi-storey “rooftop experience”; a 15,000-seat entertainment arena; more MICE (meetings, incentives, conferences and exhibitions) space; and more retail, F&B and nightlife offerings.
It will also feature premium gaming areas and additional lifestyle and wellness amenities.
In its presentation, Las Vegas Sands said that IR2 would “further enhance MBS’ status as an iconic architectural landmark”, “attract the highest-calibre global entertainment events and artists to Singapore”, “extend the success of Singapore as a MICE destination” and “ensure MBS is positioned to grow its economic, employment and tourism destination contributions to Singapore in the decades ahead”.
MBS’ expansion – which was initially expected to cost about US$3.3 billion – has encountered delays since its announcement in 2019.
It was initially slated to be completed in 2025 but this was pushed back to 2026 due to the COVID-19 pandemic.
In February 2023, Las Vegas Sands said that work on the project was not likely to begin in April of that year as planned at the time.
MBS was then given until April 2024 to begin work on the project, with its completion deadline extended to Apr 8, 2028.
In January this year, Las Vegas Sands said that the cost of the project was “expected to meaningfully exceed the initial US$3.3 billion” estimated in 2019. It said this was brought about by factors such as inflation, the COVID-19 pandemic and higher labour and material costs.
In April, it was announced that full-scale construction for the expansion would commence by July 2025, with the expansion to be completed by July 2029.
MBS opened in 2010 with a development cost of US$5.6 billion. It directly employs more than 11,000 people.
