Las Vegas Sands Expands Marina Bay Sands

SINGAPORE (Reuters) – Casino operator Las Vegas Sands (NYSE:LVS) plans to invest $8 billion in Singapore to expand its Marina Bay Sands resort, a major bet by the Nevada-based firm on the city-state's tourism market.

Project Details

The project, dubbed IR2, aims to build a fourth hotel tower that will include:
– 570 luxury suites
– Gaming areas
– A 15,000-seat arena
– Rooftop pools
– Food and beverage offerings
– 110,000 square feet for exhibitions and conferences

The company revealed these details during its earnings presentation earlier this week.

Potential Impact

"When IR2 is open … that arena is going to be an incredibly powerful tourism driver for the overall complex," LVS Chief Operating Officer, Patrick Dumont, told analysts.

"It's going to be a very important globally significant asset for tourism."

Financial Performance

The company missed analysts' expectations for quarterly profit this week due to renovations at its Londoner casino in Macau and lower-than-expected per-table income in Singapore.