In order to enhance its premium offerings, Marina Bay Sands (MBS) plans to invest an extra US$750 million (S$1 billion) in the second phase of a rejuvenation effort.
According to a statement released by MBS on January 18, the renovation, which will include the hotel’s Tower 3, lobby, Sands SkyPark, and other important elements, will be completed in stages until 2025. This will raise the program’s overall funding to $1.75 billion.
Strong earnings were the basis for the statement; net revenue increased 34.3% to US$1 billion for the July–September 2023 period from US$756 million the previous year. Over the same time frame, Las Vegas Sands’ hotel revenue at MBS increased from US$92 million to US$125 million, a 35.9% year-over-year increase.
The integrated resort has “made significant progress in delivering new world-leading luxury travel experiences over the past two years,” according to MBS Chief Operating Officer Paul Town.
“As it takes the property to new heights and puts us in a strong position to seize future growth opportunities, this second phase of reinvestment will be critical,” he continued.
According to MBS, this second phase will have around 550 refurbished rooms, including 380 suites, as well as new dining and shopping options.
According to MBS, the hotel’s makeover, which was initially revealed in 2022, is a part of a multi-year plan to enhance the integrated resort’s status as a pioneer in the upscale hospitality sector.
MBS renovated roughly 1,280 rooms in Towers 1 and 2, of which about 390 are new suites, as part of the US$1 billion first phase.
Approximately 770 suites and 1,850 remodeled rooms will be available following renovations to the three hotel towers.
The hotel’s most affluent visitors are designated for the ultra-luxurious suites, which are located on the top floors, from levels 50 to 54 in Towers 1 and 2. The largest suite measures 6,458 square feet. According to MBS, the experience includes a private VIP entrance, specialized elevators, butler services, and special access to the Paiza Sky Club.
The luxury hotel class recovered from the Covid-19 outbreak the quickest, according to Mr. Jesper Palmqvist, senior director for the Asia-Pacific at hotel industry research firm STR, and it is still strong today.
In addition to the general economic downturn, he said, “geopolitics continues to be one of the more volatile factors influencing global travel, but demand for travel generally remains quite strong.”
“And while the increased prices in Singapore for all hotel classes are occasionally characterized as a turnoff and a danger for travelers to look elsewhere, it’s crucial to keep in mind that increasing prices are a global trend. In this, Singapore is not unique, according to Mr. Palmqvist.
