Construction deadline for MBS’ S$4.5 billion extension pushed back again to April 2024

MARINA Bay Sands (MBS) has been given yet another year to kick-start its S$4.5 billion expansion plan, with this reprieve granted by the Singapore Tourism Board (STB).

According to a US Securities and Exchange Commission (SEC) filing on Wednesday (Mar 22), the integrated resort (IR) operator has until Apr 8, 2024, to commence construction on the plans defined in a development agreement it signed with STB in April 2019. 

This is the second time the construction deadline for MBS’ extension has been pushed back. 

MBS, which is owned and operated by US-listed Las Vegas Sands, announced in 2019 that it would be adding a 1,000-room hotel tower and a live entertainment arena seating 15,000, among other facilities.

In March 2022, Las Vegas Sands said construction of the new facilities would be pushed back by a year. This was due to the onset of the Covid-19 pandemic.

MBS will now have until Apr 8, 2028, to complete the extension, the SEC filing said. Under the amended terms, certain changes to the construction and operation plans under the agreement can be made. 

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The extension is part of an agreement with the government, under which MBS and Resorts World Sentosa (RWS) pledged to plough a combined S$9 billion into new non-gaming attractions. In return, the government would provide them with “business certainty” by ensuring that no casinos will be built in Singapore until end-2030.

Genting Singapore : G13 0%, operator of RWS, also pledged in 2019 to invest S$4.5 billion in an expansion of its IR.

In a statement previously provided to The Business Times earlier this year, STB said: “While the IRs have previously indicated there are potential delays in the completion of their projects, they remain committed to their expansion plans. The IRs have and will continue to enrich Singapore’s tourism offerings. STB will continue to monitor the progress of the developments.”