Singapore Prime Minister Lawrence Wong has expressed his belief that the best is yet to come for Singapore with the US$8 billion expansion of Marina Bay Sands (MBS), but admitted that making the decision 20 years ago to develop large-scale integrated resorts with casino gaming was a “risk”.
Wong’s comments were made during a speech at the groundbreaking of the MBS expansion project on Tuesday night at which he reiterated just how important the integrated resort and surrounding Marina Bay precinct had become to Singapore’s national identity.
But they also serve as a timely reminder of the leap of faith Singapore took under then-Prime Minister Lee Hsien Loong in 2005, at a time when nearby Thailand appears destined to drop its own integrated resort ambitions due to ongoing political instability.
Addressing an audience that included the co-founder of MBS parent Las Vegas Sands, Dr Miriam Adelson, plus LVS Chairman and CEO Robert Goldstein and President and COO Patrick Dumont, Wong said, “In life, it’s always easy to look back with the benefit of hindsight and when something turns out well, we tell ourselves, ‘This was bound to happen. It was always going to succeed’.
“But the truth is, when you are in the moment, nothing ever feels certain. Every success is built on countless decisions, on risk, on a lot of doubt. Very little comes easy.
“So, in Singapore, we learned from the very beginning, never take progress for granted. Progress is not predetermined. It’s not predestined. It’s not inevitable. It takes discipline. It takes effort. It takes belief. And it takes hard work.
“When we decided to have this integrated resort back in 2005, it was a bold move for Singapore to reimagine our tourism landscape and to refresh our offerings. There was also a bold commitment from Las Vegas Sands, a major investment underpinned by confidence in Singapore and in Singapore’s future. We both had to take risks. It was not predetermined.
“This outcome that we enjoy today, 20 years later, could not have been foretold. But we together made it happen and I’m glad that this partnership has flourished.”
Wong, who pointed to the thriving business and entertainment hub that the Marina Bay precinct has become, added that more than just being a success story, MBS has become “deeply embedded in our national consciousness. The skyline is instantly recognizable around the world, whether in movies, documentaries or music videos. When you see it, you know this is Singapore,” he said.
Nevertheless, the Prime Minister outlined his expectation that “the best still lies ahead” with the addition of a fourth tower to the iconic integrated resort to be supplemented with an expansion of nearby attractions including a new outdoor multi-purpose venue called NS Square, enhance water-based activities along the waterfront as well as a broader redevelopment of the entire southern waterfront area.
“All these developments, we believe, will add additional buzz and vibrancy to the area, bring in more visitors and open up new opportunities for Singaporeans in hospitality and tourism, as Marina Bay Sands has already done these last 20 years,” Wong said.
As reported by Inside Asian Gaming, the MBS expansion will see the addition of a new 570-suite luxury hotel tower capped with signature rooftop and dining experiences, luxury retail boutiques, gaming, holistic spa and wellness amenities, and around 200,000 square feet of premium meeting space, plus a purpose-built 15,000-seat arena with the aim of enhancing the live entertainment scene in Asia.
A US$5 billion expansion project is already underway at Singapore’s other integrated resort, Resorts World Sentosa.
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