Sands speeding up $1B renovation project at Singapore resort
Las Vegas Sands Corp. will speed up its $1 billion renovation of the Marina Bay Sands resort in Singapore.
In a proxy statement issued by Sands Friday, ahead of its May 11 annual meeting, Chairman and CEO Rob Goldstein said the project to upgrade two towers at the iconic property is expected to be completed by the end of the year.
“Following the easing of travel restrictions in April 2022, a robust recovery in travel and tourism spending in Singapore has occurred,” Goldstein said in the report. “Our ongoing $1 billion renovation program at Marina Bay Sands will meaningfully enhance and expand our premium suite and luxury tourism offerings in the years ahead.”
In addition to the renovation project, the company is investing $3.3 billion in Singapore for a new hotel tower, a 15,000-seat arena and additional convention space. Those improvements were announced in 2019.
“We are fortunate that our balance sheet strength enables us to continue investing in both Macao and Singapore, while also pursuing development opportunities in new markets,” Goldstein said.
The Singapore project is being funded with proceeds from the $6.25 billion sale of The Venetian and the Palazzo in Las Vegas last year.
Among the new domestic markets Sands is pursuing: a casino operation on Long Island and new opportunities for casino resorts in Texas.
The House State Affairs Committee in Texas on Monday approved legislation that would legalize casino gambling and sports wagering in the state, but the Sands-backed bill faces an uphill fight in the Senate.
The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
