More Delays for the Expansions of the Las Vegas Sands Casino in Singapore
The lack of support for the continuation of upgrades at Singapore’s Las Vegas-style casino is a significant casino news story of the year.
A new extension has been granted until next year for Las Vegas Sands and its tourism partners to commence their project.
Initially, the Sands had agreed to spend more than $3.3 billion on upgrades at Marina Bay Sands (MBS) in 2019 in exchange for an extension of its duopolistic gaming rights through 2030.
The Sands requested and received more time to start and The Singapore Tourism Board had given the Sands until 2027 to complete the upgrades.
The recent announcement may indicate changes in the planned upgrades, with “changes to the construction and operation plans” mentioned but with no specific details.
However, when MBS finally completes the upgrades, it could attract more tourists as the Singapore Tourism Board reports that tourism is on the rise, and people are spending a more extended period in the country.
The tourism office has expressed their discontent with the approval of this measure
The Singapore Tourism Office has been in constant friction with Las Vegas Sands as the latter has reportedly delayed progress.
In 2022 they had already reached an agreement to start in April this year but everything has been delayed again.
The delay was initially decided solely due to the pandemic, where many casinos closed for health reasons.
Sands also announced changes in the initial agreements, in construction, operation and dates, which were until 2027.
It should be noted that the initial agreement included ample recreational space, conference rooms and an extra hotel tower.
The company has not publicly stated why it has dragged out the construction process but apparently, they are not financially where they want to be, despite the solid financial ground.
The growth of casino tourism in Singapore could potentially aid in the completion of Las Vegas Sands’ project.
Casino tourism has become a significant industry in Singapore in recent years, with the opening of two integrated casino-resorts in 2010.
These resorts, Marina Bay Sands and Resorts World Sentosa, have attracted millions of visitors from all over the world.
Together, these two integrated resorts have helped to establish Singapore as a major player in the global casino industry.
In 2019, the two resorts generated a combined revenue of over $4 billion, with Marina Bay Sands accounting for more than half of that.
Casino tourism in Singapore continues to thrive with new developments and upgrades planned for the future, Singapore’s casino industry is poised for continued growth and success.
These growth factors are quite positive for Las Vegas Sands in Singapore and the plans of expansions they have.
In conclusion, when MBS finally completes the upgrades, it could attract more tourists as the Singapore Tourism Board reports that tourism is on the rise, and people are spending a more extended period in the country.
Several casino news sites likes casinos in Georgia reported the MBS has not given any reasons for the delays.
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