Marina Bay Sands granted one more year to start building its S$4.5b extension

SINGAPORE'S Marina Bay Sands (MBS) now has one more year to kickstart its S$4.5 billion expansion plan, with this reprieve being granted by the Singapore Tourism Board (STB).

According to a filing with the US Securities and Exchange Commission dated Mar 30, the integrated resort operator has until Apr 8, 2023 to "commence construction" on the plans defined in a development agreement it signed with the STB in April 2019.

Las Vegas Sands, which owns MBS, said in an earnings call in January this year that the property expansion will be completed in 2026, a year after its original deadline. Las Vegas Sands chief executive and chairman Rob Goldstein had reiterated his company's confidence in Singapore, citing demand for travel as an indication of recovery.