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.
The project, dubbed IR2, is 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 and 110,000 square feet of space for exhibitions and conferences, the company said during its earnings presentation earlier this week.
“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.”
The company missed analysts’ expectations for quarterly profit this week due to renovation at its Londoner casino in Macau and lower-than-expected per-table income in Singapore.