Marina Bay Sands’ total bill to the Singapore Tourism Board was recently updated to include an additional US$1 billion for it’s upcoming expansion project. The total cost of the upgrades and expansion, named MBS IR2, to US$8 billion. The reasons behind this additional cost were covered under a Second Supplemental Agreement under which the company committed to assume liability for the cost of the land premium associated with the purchase of an additional gaming area to that previously agreed. This also includes other land premiums resulting from changes to the expansion project’s design and floor area allocations.
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Why the additional cost?
According to MBS, the changes to its development plans since expansion was first announced in 2019 have required the company to request for more allocation of gross floor area across the site which has been leased from the Singapore Tourism Board until 21 August 2066. The details of the expansion include the purchase of 2,000 square meters of approved gaming area and 10,000 square meters of ancillary area in support of the gaming area. The total Marina Bay Sands expansion is centered around the development of a fourth hotel tower to the Marina Bay Sands.
Project Overview
Developers: Las Vegas Sands Corp (LVS)
Cost: US$9 billion
Location: Singapore
Amenities: 570 luxury suites, a 15,000-seat arena, a main casino area in the podium with “sky gaming” in the new tower,110,00 square feet of MICE space, a SkyPark and high-end restaurants
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Marina Bay Sands Construction Timeline
Construction will begin on the 8th of July this year and is is expected to be completed by 8th July 2029. It involves additional casino amenities, 570 luxury suites, a 15,000-seat arena, a main casino area in the podium with “sky gaming” in the new tower. What’s more, there will be 110,00 square feet of MICE space, its own SkyPark and high-end restaurants. Originally, the total budget for the expansion came to US$3.3 billion and it has now multiplied by 2 and half times due to land premiums and pre-opening and finance costs.
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