CEO Morning Brief

Sands Plots Entertainment-focused Expansion in Singapore

Publish date: Fri, 31 May 2024, 10:39 AM
TheEdge CEO Morning Brief
The Marina Bay Sands resort in Singapore.

(May 30): Las Vegas Sands Corp plans another development in Singapore to complement its casino resort there, including more space for live entertainment.

The company will give more details later year, chief executive officer Rob Goldstein said on Wednesday (May 29) at an investor conference. It will have fewer rooms than the existing Marina Bay Sands resort, but will have a casino, restaurants and an arena.

“Singapore is going through a growth spurt,” Goldstein said. “All of a sudden, Singapore’s become a hugely important market”.

Sands, which shares the market with rival casino operator Genting Singapore, said first-quarter revenue in the country increased 37% 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.

Sands said last month that construction on the expansion could begin in July 2025. Drawings show a new hotel tower and a 15,000-seat performance venue. The project is separate from a US$1.75 billion refurbishment of the existing property.

The company is interested in hosting concerts from the likes of Taylor Swift and Bruno Mars, as well as Asian acts, Goldstein said.

“Entertainment is a very important part of the mix,” he said. “We’re proposing to build a very big part of that into our new building in Singapore.”

Source: TheEdge - 31 May 2024

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