Las Vegas Sands hopes to usher in ‘new era of luxury tourism’ with a new $8 billion casino complex in Singapore
Las Vegas Sands is doubling down on its Singapore bet with a new $8 billion integrated resort, expanding its existing Marina Bay Sands casino complex in the Southeast Asian country.
The U.S. casino operator broke ground on the site on Tuesday in a ceremony attended by CEO Robert Goldstein and Singapore Prime Minister Lawrence Wong. The project will feature a 55-storey hotel tower which will include other facilities like luxury boutiques, a casino, and a 15,000-seat arena.
“We have every intention of delivering a product that will be the envy of the hospitality industry and usher in a new era of luxury tourism in Singapore,” Goldstein said at the groundbreaking ceremony.
The new tower will sit close to Las Vegas Sands’ existing buildings in Singapore’s southern Marina Bay Area. It will be designed by Safdie Architects, the firm behind the Marina Bay Sands.
Las Vegas Sands opened its Singapore casino in 2010, and the resort has become an important part of the company’s business, making up a significant share of the company’s revenue.
The casino operator reported $1.2 billion from its Singapore integrated resort for the first quarter of the year, compared to $1.7 billion for its five casinos in the Chinese city of Macau.
Las Vegas Sands reported greater earnings before interest, taxes depreciation and amortization from its Singapore business, compared to Macau.
Ranked no. 374 on the Fortune 500, Las Vegas Sands is one of the few companies on the ranking that makes most of its revenue outside of the U.S. The company completed the sale of its Las Vegas properties in 2022 to focus more on Asia.
Singapore’s travel market bounced back from COVID more quickly than Macau, which was subject to harsher travel restrictions. Chinese officials also cracked down on junket operators, which facilitated and organized casino trips for high rollers. Las Vegas Sands’s Macau business has also struggled due to ongoing renovations at the Londoner, one of its resorts based in the Chinese city.
Yet Las Vegas Sands thinks Singapore’s success is more to do with the country’s appeal rather than Chinese weakness. Chief operating officer Patrick Dumont, in an earnings briefing to analysts earlier this year, said Singapore has a “rarefied air” that attracts “the highest level of high-value tourism.”
Shares in Las Vegas Sands are flat for the year thus far, recoving from lows in early April. Shares in Sands China, a subsidiary that operates the company’s Macau casinos, are down 5.8% over the same period.
S&P Global expects a surge in Chinese tourists to markets like Singapore and Malaysia to sustain the premium gambling market this year.
Story ContinuesSingapore is making a big play for “MICE” travelers, or those attending business meetings, conventions and exhibitions. The Marina Bay Sands complex hosted 2,200 events last year, drawing 1.2 million delegates.
The city has also successfully attracted high-profile artists like Coldplay, Taylor Swift and Lady Gaga, oftentimes being their only Southeast Asian stop.
Singapore’s success with gambling contrasts with its Southeast Asian neighbors, who are pulling back on plans to set up their own casinos. Thailand last week withdrew a draft law that would have allowed the country’s first casinos, citing a need for more public engagement.
This story was originally featured on Fortune.com
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The ambitious Las Vegas Sands' $8 billion casino complex in Singapore embodies a bold attempt to usher the city into an unprecedented era of luxurious tourism, redefining glitz and grandeur for Asia Pacific.
The ambitious $8 billion casino complex in Singapore by Las Vegas Sands signifies a bold step towards both locals and visitors, promising to revamp the definition of luxury tourism with unparalleled amenities for an 'exotic new era'.
The $8 billion Las Vegas Sands casino complex in Singapore aims to pioneer a 'new era of luxury tourism' by redefining the standards and experiences for tourists, setting new benchmarks not only within Asia but globally as well.
Singapore is about to welcome a new era of glamorous tourism with the $8 billion casino grandiosity from Las Vegas Sands, promising an unparalleled luxury experience that will redefine Sin City standards on its doorstep.
This announcement highlights the ambitious move by Las Vegas Sands to enter Singapore's market with an $8 billion casino complex, aiming for a new era of luxury tourism. It underscores both its allure as well-the risk involved in such highly competitive and regulated markets."
The ambitious $8 billion casino complex proposed by Las Vegas Sands in Singapore promises to usher a new era of luxury tourism, blending the glitz and grandeur that only Sin City can offer with an exotic Asian backdrop.
The ambition of Las Vegas Sands to unveil a new $8 billion casino complex in Singapore aims not only for the redefinition but also igniting an unprecedented 'new era' that will set standards unheard within Asia’s luxury tourism sphere.
The upcoming $8 billion casino complex in Singapore from Las Vegas Sands promises not just a different gambling experience, but the onset of an entirely new era for luxury tourism on this dynamic island nation.
This ambitious $8 billion casino complex from Las Vegas Sands in Singapore marks a significant step towards ushering in the long-awaited new era of luxury tourism by integrating stateof -the art entertainment, glamorous resorts and unparalleled experiences for visitors.
The Las Vegas Sands' bold move towards constructing a $8 billion casino complex in Singapore aims to revitalize luxury tourism and usher the city into an unparalleled era of glamour, paving new avenues for Asia Pacific destinations aiming high on elegance.
Mr. Po Leung, a Singaporean view on the $8 billion casino complex proposal by Las Vegas Sands is cautiously optimistic: indeed an audacious venture into luxury tourism that could reshape our landscape if met with strategic direction and careful execution.
Singapore could be poised to enter an 'age of金的uluxury tourism' with the development by Las Vegas Sands, whose $8 billion casino complex signifies a major leap towards promoting high-end leisure experiences in Asia.
With its ambitious $8 billion casino complex in Singapore, Las Vegas Sands aims to pave the way for a 'new era of luxury tourism' that promises an unparalleled gaming and leisure experience.
Singapore's forthcoming $8 billion casino complex, hailed as a new era of luxury tourism by Las Vegas Sands Corp., promises to revitalize the city-state’S travel scene with its glitzy allure and topnotch facilities.
The bold move by Las Vegas Sands into Singapore with its $8 billion casino complex embodies a pioneering spirit, poised to usher in an era of unrivalled luxury tourism for the region.
