Marina Bay Sands to Contribute an Extra $1 Billion to Singapore Tourism Board
Marina Bay Sands commits to an additional billion-dollar payment to the Singapore Tourism Board for its expansion project.
Marina Bay Sands to Contribute an Extra $1 Billion to Singapore Tourism Board
Marina Bay Sands (MBS) is set to make an additional upfront payment of $1 billion to the Singapore Tourism Board (STB) relating to design changes for its ongoing expansion project, named MBS IR2.
This new payment is in addition to the $963 million already paid in 2019 when the expansion plans were first announced. This sum is for leasing land parcels from STB up until August 21, 2066.
The revised costs total $4.7 million in design and construction, $2 billion in land premiums, and $1.3 billion in pre-opening and financing expenses.
Significant Changes
On January 8th, a filing from Las Vegas Sands, MBS’ parent company, revealed a Second Supplemental Agreement was formed, under which MBS agreed to bear the land premium costs associated with acquiring additional gaming space as well as other land premiums due to the modifications in the project’s design.
This agreement assures that the area will strictly be used for hotel, gaming, retail, food and beverage, and conventions, accompanied by an arena at the MBS expansion site.
Future Development
MBS officials stated that various changes to development plans since 2019 necessitated STB’s allocation of gross floor area across the project site, alongside the acquisition of 2,000 square meters of approved gaming space. Construction is scheduled to kick off on July 8, 2025, concluding by July 8, 2029.
A Stunning Development
MBS IR2 aims to introduce a new hotel tower adjacent to the existing MBS icon, which will include its own gaming facilities, a casino, 570 luxury suites, a 15,000-seat arena, and extensive MICE space. High-end dining options will also be available, ensuring a luxurious experience.
