Las Vegas Sands Outlines Singapore and Macau Expansion in 2024 Following a Good Q2 Financial Report

Esteemed casino operator, Las Vegas Sands (LVS), has updated its investors on a planned expansion process in Macau and Singapore that is projected to be completed by January 1, 2024. The update follows the recently published Q2 financial report.

LVS is ready to invest $3.3 billion in Singapore’s Marina Bay Sands project that will, among other things, gain another tower. This was all disclosed during last Wednesday’s earnings call led by president and chief operating officer, Robert Goldstein.

No Gaming in New Facilities

Soon after the New York stock market’s closure…

…the group-wide financial results for the second quarter have been published, in which it has been revealed that the company made a 71.6% revenue increase on annual level.

In April, president and CEO of Marina Bay Sands Pte Ltd., George Tanasijevich, said that the Singapore complex would not feature a casino, even though Goldstein reiterated that somewhat during the call when he said that the group is working on “changes to the existing mass-market casino floor” at that venue.

He remarked that the mass casino floor is going through renovations and “they’ll open renovated by the end of 2021.”

A Hotel With All Amenities

The proposed tower will contain a hotel with 1,000 suites, a sky roof with a swimming pool and “other tourism attractions,” plus a 15,000-seat arena to host live musical events.

The tower will also include a selection of high-end shops, spaces for exhibitions and meetings.

Says Goldstein: “Keep in mind we are adding additional slot machines in late-2020; we’ll have another 400 roughly and the balance in 2021. So 500 [new] games on the floor in 2021. The market does $700 to $800 per unit per day; it’s pretty impactful.”

Ways of Procurement

LVS will conduct a process to raise a delayed-draw term loan under Marina Bay Sands credit facility in order to pay for the expansion of the property in Singapore. In this way, the officials expect, around $2.8 billion will be raised before the end of October. To this, another $285 million will be added from the alteration of existing credit facility.

What’s Happening in Macau?

As for Macau property…

…LVS will spend circa $2.2 billion in order to renovate Sands Cotai Central venue with 6,000 rooms and rebrand it entirely into The Londoner Macao. The design of the adjacent Four Seasons Tower Suites Macao was altered after plans to have it feature condominiums have been dropped.

“We’re building 1,200 exceptional suites at The Londoner Macao and the Four Seasons Tower Suites Macao and these are large, very large stunning suites of the highest quality. Some will open actually this autumn throughout 2020 and these suites are laser focused on premium-mass customers at the highest level.”, remarked Goldstain on Macau venue.

Source:

“LVS hopes Singapore expansion operating in 2024: Goldstein”, ggrasia.com, July 25, 2019.