Not just another wing: MBS’ new US$8 billion expansion project will have its own brand and luxury experiences

[SINGAPORE] In a couple of months’ time, construction will begin on Marina Bay Sands’ (MBS) expansion project – a new ultra-luxury resort destination that will be built at an estimated total development cost of US$8 billion.

To put that figure into perspective, that is nearly 50 per cent more than the US$5.6 billion that MBS’ parent company, Las Vegas Sands, spent to develop the existing integrated resort (IR), which opened to much fanfare exactly 15 years ago this month.

The US$8 billion is also more than double the US$3.3 billion figure estimated when the project was first announced back in 2019, before the Covid-19 pandemic.

In February 2025, it was reported that MBS obtained a multi-tranche loan of S$12 billion (or about US$9.1 billion at today’s exchange rate) to fund the expansion project.

This makes it the largest Singapore-dollar syndicated loan in the country’s history, well above the previous record of a S$9.3 billion facility signed in 2012.

But Paul Town, the chief operating officer of MBS, doesn’t want IR2 – as the project is currently known as – to be seen as merely an extension or another wing of the property.

“It’s going to have its own brand and its own experience. It’s going to feel more exclusive and more elevated. We want to differentiate it and make it a bit more premium,” said Town, a New Zealander who is MBS’ top executive in Singapore, in an interview with The Business Times.

IR2 is designed by Safdie Architects, the US-based firm responsible for the award-winning design of MBS.

There will be a fourth tower, 570 luxury hotel suites, a new casino area, a 15,000-seater entertainment area, more convention space, a SkyPark and numerous high-end restaurants.

Construction is scheduled to commence in June 2025, and is expected to be completed by June 2030. The estimated official opening is set for January 2031, subject to approval from the Singapore government.

A ground-breaking ceremony will be held in the middle of the year, noted Town, with senior government officials and executives from Las Vegas Sands expected to be in attendance.

“(The ceremony) will be a recognition of our partners in Singapore, and inviting everyone to come on this journey with us,” he added.

“We want to mark this occasion with something special, because this will be the biggest hospitality investment that’s being made into Singapore since the existing MBS.”

Ramping up hiring

With such a mega-project coming up, Town said that it will have to embark on a major recruitment drive at some point to bring in several thousand more employees to work at the new development.

As things stand, it is already one of Singapore’s largest employers with more than 11,900 people on its payroll. Roughly a third of the current workforce has worked there for a decade or longer.

Recently, MBS conducted a two-day job fair that saw 5,500 people check out the more than 1,200 full-time, part-time and internship roles on offer. These include butlers, limousine drivers, call centre executives, food and beverage (F&B) specialists and technicians.

“We’ve grown our manpower over the years, and the roles in our company have expanded too. For example, the profile and scope of our butlers have expanded exponentially. We also have new and different roles in areas such as F&B, which has become much more strategic for us,” said Town.

Reinvesting and rejuvenating

The new project aside, MBS is pressing on with the final stages of a US$1.75 billion redevelopment programme – the largest reinvestment since the IR opened its doors in April 2010.

With the refurbishment of rooms in Towers 1 and 2 already complete, the finishing touches are being put on the last batch of rooms in Tower 3.

When all is said done, MBS will have a total inventory of 1,850 rooms – this includes 775 suites, which is more than four times the 180 that it had before the works started in 2022.

“We still have a few amenities to add, like a spa and wellness facility. We want to do some work in the hotel lobby and the SkyPark (on the 57th and highest floor). We’re also evaluating our F&B programme and looking at our mall,” he said.

“The truth is, I don’t think (the refurbishment works) will ever really be finished. Because by the time we get to the end of this reinvestment programme, we will want to go on and do something else.”

Strong financial health

All these plans are taking place at a time when MBS is producing what Town wrote in the latest annual report as “exceptional financial performance”.

In 2024, the adjusted property earnings before interest, taxes, depreciation and amortisation exceeded US$2 billion for the first time. Revenue also reached a new high of US$4.2 billion – including casino revenue of nearly S$3 billion and non-gaming revenue of US$1.3 billion.

“That US$2 billion mark was always a goal for us, and the strategy to achieve it was to ensure that we deliver an amazing experience and quality to all our customers,” he said.

When asked if he felt concerned about the ongoing global economic uncertainty and if this might have an impact on visitor arrivals and spending, Town noted that he was confident that MBS could still punch above its weight to grow in the luxury tourism and hospitality space.

“The short answer is, we still believe we can extract growth out of the market over the next three to five years. There are headwinds, but it can be a tailwind for us too in this premium end.”

He pointed to the post-pandemic era when the luxury market emerged in a strong way as the big spenders craved more engaged and more lifestyle-driven experiences.

“While there are these difficult macroeconomic and geopolitical conditions playing out in the background, I think that segment of the luxury market will continue to exhibit that behaviour.”

“Of course, it’s possible that everything is affected so badly that the segment is no longer big enough and people don’t have the means (to spend), but we haven’t seen any evidence of that at this point. For us, it certainly feels like growth.”