LVS to invest US$1bn at Marina Bay Sands
Las Vegas Sands Corp plans to upgrade its hotel accommodations at Marina Bay Sands in Singapore.
Singapore.- At the presentation of financial results for the last quarter of 2021, Robert Goldstein, Las Vegas Sands’ chairman and chief executive said the company has started a US$1bn renovation project at Marina Bay Sands.
The project is separate from Las Vegas Sands’ commitment to the Singapore government in 2019 to invest S$4.5bn (US$3.3bn) in the expansion of the Marina Bay Sands hotel. The pledge coincides with the group’s extension of Singapore casino rights to 2030.
Goldstein stated: “We have embarked on a US$1bn renovation project at MBS that will introduce luxurious new suite product into the resort.”
LVS plans to finish the renovation project by 2026. However, in January Alvin Tan Sheng Hui, Singapore’s minister of state for trade and industry, said expansion plans of Singapore’s two integrated resorts will be delayed due to the Covid-19 pandemic.
Sands China posts US$245m net loss for Q4
Sands China reported a net loss of US$245m for the fourth quarter of the year 2021. Revenue for the fourth quarter was up 5.4 per cent to US$649m. However, the figure was down 3.9 per cent when compared to the prior-year period. Adjusted property EBITDA was US$74m, which compares to US$47m in 2020.
In full-year results, net revenues rose 70.4 per cent year-on-year to US$2.87bn while net loss was US$1.05bn, compared to US$1.52bn in 2020. Adjusted property EBITDA for 2021 stood at US$338m, compared to a negative figure of US$431m in 2020.
