Marina Bay Sands is investing $750 million in the next phase of hotel construction

Marina Bay Sands (MBS) resort will renovate its hotels in stages until 2025, investing $750 million for this purpose.

MBS chief operating officer Paul Towne stated that over the past two years, the integrated resort has made significant progress in delivering new world-class luxury tourism services, as reported by The Star. "This second phase of reinvestment will be critical as it will take the property to new heights and put us in a strong position to capitalize on future growth opportunities," he added.

MBS mentioned that this second phase will include new dining and retail outlets, as well as more than 550 renovated rooms, including 380 suites.

The hotel's transformation, first announced for 2022, is part of a multi-year program aimed at strengthening the integrated resort's positioning as a leader in the luxury hospitality industry, according to MBS.

As part of the first phase of the US$1 billion project, MBS has renovated approximately 1,280 rooms in Towers 1 and 2, including 390 new suites.

Upon completion, the hotel will have 1,850 renovated rooms in the three towers, including about 770 suites. The ultra-luxury suites, the largest of which measures 6,458 square feet, are located on the highest floors, from 50 to 54 in Towers 1 and 2, and are reserved for the hotel's highest level of guests. According to MBS, they include a private VIP arrival and dedicated elevators, butler service, and exclusive access to the Paiza Sky Club.

Jesper Palmqvist, senior director for Asia Pacific at hotel research company STR, noted that the luxury segment has been the fastest recovering hotel class following the Covid-19 pandemic and remains strong today.

"Although geopolitics remains one of the biggest factors of instability affecting global travel, along with the overall economic slowdown, travel demand remains strong overall," he added.

"And while higher hotel room rates across all hotel classes in Singapore are sometimes cited as a deterrent and risk for travelers to look for other options, it is important to remember that higher prices are a global trend. Singapore is not alone in this," Palmqvist said.

Selena Ling, chief economist and head of global market research and strategy at OCBC, noted that large tourism projects are helping to develop Singapore as a tourism hub.

According to her, since 2023, the number of meetings, incentive events, conferences, and exhibitions has increased.

For example, Marina Bay Sands' (MBS) net income for July-September 2023 increased by 34.3% to USD 1 billion from USD 756 million a year earlier. During the same period, room revenue at the MBS hotel, which is owned by Las Vegas Sands, increased by 35.9% year-on-year from USD 92 million to USD 125 million.