Marina Bay Sands Pte Ltd, the operating entity of Singapore integrated resort Marina Bay Sands, expects to make an initial US$850 million payment to the Singapore Tourism Board during the second quarter of 2025, representing the majority of the US$1 billion upfront payment is has committed to make for recent to the design for its upcoming expansion project, dubbed MBS IR2.
The remaining US$150 million is due in 2026, according to information in parent company Las Vegas Sands’ (LVS) 2024 Annual Report, published Friday.
As previously reported by Inside Asian Gaming, the US$1 billion payment is in addition to an initial upfront payment of US$963 million already made in 2019, when the expansion project was first announced, to lease the associated parcels of land for IR2 from the STB through 21 August 2066.
It is, however, part of the total US$8 billion expansion project cost outlined by LVS during its 3Q24 earnings call, rather than a further cost on top, IAG has confirmed.
Outlining its short-term costs for IR2 in its Annual Report, LVS said, “We have incurred approximately US$1.36 billion as of December 31, 2024, inclusive of the [US$963 million] payment made in 2019 for the lease of the parcels of land underlying the MBS development project site.
“The Additional Land Premium is estimated to be approximately US$1 billion, US$850 million of which we expect will be due during the second quarter of 2025, with the remainder to be due in 2026.
“While our current estimate is that construction will be complete by June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the 8 July 2029 deadline is subject to the approval of the Singapore government.”
MBS IR2, which centers around development of a fourth hotel tower alongside the existing Singapore icon, is slated to boast its own casino amenities, including a main casino area in the podium plus “sky gaming” in the new tower, as well as 570 luxury suites, a 15,000-seat arena, 110,000 square feet of MICE space, its own SkyPark and high-end F&B.
The US$8 billion costing is around two-and-a-half times more than the original US$3.3 billion investment announced in 2019 and comprises US$4.7 million in design and construction costs, US$2 billion in land premiums and US$1.3 billion in pre-opening and finance costs.
