Las Vegas Sands has started construction on its new US$8 billion luxury resort in Singapore, as the island seeks to expand its tourism industry further.
The resort will include a hotel, restaurants, retail, and an arena venue. It will be built on the island’s Marina Bay precinct, but is separate from Las Vegas Sands’ Marina Bay Sands resort.
“The pioneering project will feature a soaring 570-suite luxury hotel tower capped with signature rooftop and dining experiences, luxury retail boutiques, gaming, holistic spa and wellness amenities, and approximately 200,000 square feet of premium meeting space,” according to Las Vegas Sands.
“We have every intention of delivering a product that will be the envy of the hospitality industry and ushers in a new era of luxury tourism in Singapore,” said Las Vegas Sands CEO Robert Goldstein.
The resort was designed by Safdie Architects, having also worked on Marina Bay Sands and Singapore’s Changi Airport. It will open in 2030, according to Safdie Architects.
It will incorporate a 15,000 seat arena designed by architecture firm Populous, who designed the Las Vegas Sphere and Wembley Stadium. The arena will be directly accessible from Marina Bay Sands and the Bayfront metro station.
A 76,000 square foot rooftop deck known as the Skyloop will sit above the resort. The Skyloop will include gardens and restaurants, as well as private pools and cabanas for hotel guests.
Singapore’s Prime Minister Lawrence Wong and Minister for Sustainability and the Environment Grace Fu attended the groundbreaking. The country said this year that it would target SG$50 billion (A$60 billion) in tourism receipts by 2040, and plans to triple tourism receipts from travellers arriving for conferences and exhibitions.
Las Vegas Sands’ (NYSE: LVS) share price closed at US$48.93, up from its previous close of $49.12. Its market capitalisation is $34.58 billion.
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