Las Vegas Sands to spend $8 bln to expand MBS resort in Singapore

Las Vegas Sands

25/10/2024 05:32

SINGAPORE, Oct 25 (Reuters) - Casino operator Las Vegas
Sands  LVS.N  plans to invest $8 billion in Singapore to expand
its Marina Bay Sands resort, a major bet by the Nevada-based
firm on the city-state's tourism market.
    The project, dubbed IR2, is to build a fourth hotel tower
that will include 570 luxury suites, gaming areas, a 15,000-seat
arena, rooftop pools, food and beverage offerings and 110,000
square feet of space for exhibitions and conferences, the
company said during its earnings presentation earlier this week.
    "When IR2 is open ... that arena is going to be an
incredibly powerful tourism driver for the overall complex," LVS
Chief Operating Officer, Patrick Dumont told analysts.
    "It's going to be a very important globally significant
asset for tourism."
The company missed analysts' expectations for quarterly profit
this week due to renovation at its Londoner casino in Macau and
lower-than-expected per-table income in Singapore.

(Reporting by Miyoung Kim; Editing by Christopher Cushing)
((mailto:miyoung.kim@thomsonreuters.com; 65 6870 3026; Reuters
Messaging: rm://miyoung.kim.thomsonreuters.com@reuters.net/))