Latest news with #MarinaBaySands'
Straits Times
15-07-2025
- Business
- Straits Times
MBS' new development part of S'pore's broader, more ambitious transformation: PM Wong
The new MBS complex is set to be completed by 2030, and to open in the first quarter of 2031. SINGAPORE - Singapore's skyline will get a soaring new addition come 2030 when Marina Bay Sands' US$8 billion (S$10.3 billion) fourth hotel tower is complete. Speaking at the development's ground-breaking ceremony on July 15, Prime Minister Lawrence Wong said the plans for Marina Bay is just one part of the Republic's broader, more ambitious transformation of its entire southern waterfront. A 30km stretch of coastline from Gardens by the Bay East to Pasir Panjang that is six times the size of Marina Bay, it will have more commercial, recreational and entertainment options, alongside new residential precincts that include public housing for Singaporeans, he added. The authorities said in May that the first of these homes, around 1,000 Housing Board Build-To-Order (BTO) flats to be built on the site of the former Keppel Club, will be launched for sale in October. PM Wong said: 'That's what we mean when we say we are never done building Singapore. We will always keep on improving, keep renewing and keep on moving forward.' The Greater Southern Waterfront project was first announced by then-prime minister Lee Hsien Loong at the 2013 National Day Rally, where he outlined a vision to consolidate container port activities in Tanjong Pagar, Keppel, Brani and Pasir Panjang to a unified port in Tuas, freeing up prime waterfront land for redevelopment. Mr Wong was addressing about 200 guests gathered at the groundbreaking site next to MBS' Hotel Tower 1, who included Las Vegas Sands co-founder Miriam Adelson, chairman and chief executive officer Robert Goldstein, and president and chief operating officer Patrick Dumont. Top stories Swipe. Select. Stay informed. Business MAS records net profit of $19.7 billion, fuelled by investment gains Business Singapore financial sector growth doubles in 2024; assets managed cross $6 trillion in a first: MAS Singapore $3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Singapore SJI International resumes overseas trips amid ongoing probe into student's death in Maldives in 2024 Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years The new MBS complex will comprise 570 luxury hotel suites, a casino, a 15,000-seat entertainment arena, 200,000 sq ft of meeting and convention space, and numerous high-end restaurants. It is set to be completed by 2030, and to open in the first quarter of 2031. The envisioned waterfront with Las Vegas Sands' new ultra-luxury development featuring a 55-storey hotel tower and podium with 15,000-seat arena situated adjacent to the existing Marina Bay Sands. PHOTO: SAFDIE ARCHITECTS Like MBS, it is designed by US-based firm Safdie Architects, and it will have a distinct roof in the form of an elliptical Skyloop which has 360-degree views, and both public and private facilities. Mr Wong called Marina Bay a symbol of the Singapore Story - that of a thriving financial and business hub, a vibrant destination for meetings, conventions, tourism and entertainment, as well as a key node connecting Singapore to the global economy. But more than just an economic success story, it has become deeply embedded in the national consciousness, he added. This is as the bay is where Singaporeans come together to celebrate milestones such as the National Day Parade and year-end countdowns, and to make memories. The skyline is also instantly recognisable around the world as being Singapore, said PM Wong, whether in movies, documentaries, or music videos. 'Every recruit that does basic military training, their graduation parades are held here, reminding them of why they are defending Singapore and what they are defending,' he said. 'So we are very proud of what Marina Bay has become, but we're not done yet because we believe the best still lies ahead.' He noted that MBS' expansion will both refresh Singapore's skyline and introduce new attractions, including the rooftop Skyloop and the 15,000-seat arena for world-class concerts and performances. Added convention and exhibition space also further strengthens Singapore's position as a leading Mice (meetings, incentives, conferences and exhibitions) destination globally, he added. Alongside the upcoming NS Square which is set to be completed by 2027, PM Wong said these developments will add buzz and vibrancy to the bay area, which will draw more visitors and create new opportunities for Singaporeans in hospitality and tourism. Singapore is able to keep renewing itself and moving forward because of strong partnerships, such as with Las Vegas Sands, said PM Wong. He noted its 'bold commitment' when the integrated resort was first mooted in 2005. The American casino and resort company committed to an initial investment of $3.85 billion, which is apart from another $1.2 billion in land cost for the site. An aerial view of the Lower and Upper Skyloop. PHOTO: SAFDIE ARCHITECTS 'It was...a major investment, underpinned by confidence in Singapore, and in Singapore's future,' he said. 'I'm glad this partnership has flourished, and I'm even happier that we are now taking it to the next level.' Mr Goldstein said that Marina Bay Sands has become the most successful integrated resort in history and the industry's gold standard since it opened in 2010. 'We have every intention of delivering a product that will be the envy of the hospitality industry and ushers in a new era of luxury tourism in Singapore,' the Las Vegas Sands chairman and CEO said of the new tower.
Business Times
15-07-2025
- Business
- Business Times
Strong partnerships enable Singapore to keep moving forward: PM Wong at MBS expansion groundbreaking
[SINGAPORE] Singapore will always keep improving, renewing and moving forward, and this is only possible because of its strong partnerships, Prime Minister Lawrence Wong said on Tuesday (Jul 15). When Singapore decided to build integrated resorts in 2005, this was a 'bold move' to re-imagine its tourism landscape and refresh its offerings – and Las Vegas Sands' (LVS) decision to make a major investment was a 'bold commitment', underpinned by confidence in Singapore, he said. 'I'm glad that this partnership has flourished, and even happier that we are now taking it to the next level,' he said at the groundbreaking ceremony for Marina Bay Sands' (MBS) new expansion project. The ceremony, attended by some 220 guests including Minister-in-charge of Trade Relations Grace Fu, was held in a purpose-built venue on the site of the new development. PM Wong also officiated the event alongside LVS co-founder Miriam Adelson, which marks a milestone for the US$8 billion development. Also present were LVS chairman and chief executive officer Robert Goldstein and president and chief operating officer Patrick Dumont. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The decision to allow integrated resorts 20 years ago 'changed the face of luxury tourism in Asia', placing Singapore at the epicentre of the region's luxury tourism over Japan, South Korea or Thailand, said Goldstein. When completed in 2030, the 570-suite luxury hotel tower is expected to bring in attractions including boutiques, gaming and wellness amenities. The 55-storey tower's 'crowning achievement' will be a 76,000 square foot Skyloop, LVS and MBS said in a media release on Tuesday. It will be a rooftop attraction that combines public areas, including an observatory, destination restaurants and lush rooftop gardens, with hotel guests' private areas for 'secluded experiences', such as private cabanas and infinity pools. The expansion project also includes the addition of 200,000 square feet of meeting space, and a 15,000-seat arena for performances and concerts. Rather than seeing it as an extension of MBS, Goldstein believes that the new tower is a 'brand new building with a brand new identity'. 'It's its own creation, its own venture, and something far different than what MBS has become,' he said. 'We're very proud of MBS, but the goal here is to create something distinct, unique, mysterious and world class.' An artist's impression of Marina Bay Sands' new US$8 billion luxury development, which will be built next to the existing integrated resort. ILLUSTRATION: MARINA BAY SANDS PM Wong also noted the upcoming addition of NS Square on the bay, which will be a venue for future National Day Parades as well as major cultural and community events. These are part of a 'broader and more ambitious transformation', he added, pointing to the Greater Southern Waterfront project that aims to redevelop the stretch from Bay East to Pasir Panjang. This area is expected to feature more commercial, recreational and even public residential offerings.
Yahoo
24-04-2025
- Business
- Yahoo
Las Vegas Sands (NYSE:LVS) Completes US$4,739 Million Buyback & Declares US$0.25 Dividend
Las Vegas Sands experienced a 7.91% increase in its share price over the last week, coinciding with several noteworthy developments. The company executed a substantial share buyback, repurchasing 10 million shares valued at $450 million, potentially influencing shareholder sentiment positively. Additionally, Las Vegas Sands affirmed its quarterly dividend, signaling stability in shareholder returns. However, financial results for the first quarter reflected lower year-over-year performance in sales, revenue, and net income. These company-specific events likely added weight to the overall market trend, where major stock indices experienced gains driven by broader investor optimism amid positive earnings reports. Be aware that Las Vegas Sands is showing 2 risks in our investment analysis. Explore 21 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. Recent movements in Las Vegas Sands' share price, driven by a significant buyback and dividend affirmation, could influence investor sentiment positively. While the buyback reduces outstanding shares by 10 million at a cost of US$450 million, the company's Q1 financials reflect a year-over-year decline in key metrics, emphasizing ongoing reliance on Macao's recovery and China's economic performance. Over the last three years, Las Vegas Sands' total shareholder returns rose by 1.77%, highlighting a modest long-term gain compared to its peers. The 7.91% weekly lift, though substantial, isn't enough to meet the consensus analyst price target of US$55.42, with the current price at US$33.94 indicating a considerable gap. Looking at its performance relative to the market, Las Vegas Sands underperformed the US market, which returned 3.6% over the past year. Within the industry, broad optimism on earnings hasn't fully translated into a competitive edge for the firm. Expecting significant gains in Macao post-Londoner completion and Marina Bay Sands' developments could affect revenue projections, as analysts anticipate a 6.5% annual revenue growth over the next three years. Yet, there's variability in earnings forecasts, from US$2 billion to US$2.5 billion by 2028, based on handling competitive and operational challenges. A prospective 61.2% stock price increase remains a hopeful aim, dependent on Las Vegas Sands' strategic execution and broader economic conditions. Jump into the full analysis health report here for a deeper understanding of Las Vegas Sands. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:LVS. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Forbes
06-04-2025
- Business
- Forbes
This Singapore Luxury Resort Is Placing A Bet On Wellness. Here's Why.
Bede Barry, Marina Bay Sands' vice president of hotel operations, in one of the hotel's new wellness suites. Even though the Marina Bay Sands is a luxury casino hotel, there's a growing sense that guests are looking for something beyond high-stakes gaming and high-end shopping when they come to Singapore. And the resort wants to get in on the action. "Our guests are looking for more," says Bede Barry, the hotel's vice president of hotel operations. Barry is standing in a sprawling suite that represents the resort's latest foray into wellness. There's a private treatment room, complete with twin massage beds, a sauna and a steam room. "We want to create a unique experience in each suite," he explains. It might seem counterintuitive that a Singapore gaming icon is embracing mindful well-being. But then, the hotel has always positioned itself as an integrated resort, with gaming being just one part of the experience. And in today's competitive luxury travel landscape, the wellness trend is no longer a niche market. It's a powerful current, and even the most established players in the luxury hospitality game are taking notice. While Marina Bay Sands is one of the world's most recognizable resorts — its three towers topped by the largest rooftop swimming pool in the world is a Singapore landmark — Barry and his team know that Michelin-starred dining and luxury suites alone won't cut it anymore. Market research suggests that affluent travelers want experiences that rejuvenate, restore, and align with a growing desire for holistic well-being. "People come here to return to themselves," he says. The iconic Marina Bay Sands is a landmark in Singapore. Its rooftop pool on the 57th floor is the world's largest of its type. Marina Bay Sands already offers a range of wellness options. That includes a Banyan Tree Spa, with a range of treatments from Balinese to Thai massages. The nearby Gardens by the Bay has Hatha yoga and meditation classes, a gym with state-of-the-art equipment, and plenty of exercise options. Perhaps the most visible symbol of wellness at Marina Bay Sands is its over-the-top infinity pool. Perched 57 stories above the city, it is the largest rooftop pool in the world. And, according to Barry, it's also the most Instagrammed pool. "It's one of our major attractions here," he says. That's no exaggeration. Since its opening in 2010, many people have checked into the hotel just for the pool. (The pool is for guests only, so it requires that they book a room for at least one night.) So how do you build on that kind of fame? The foundations for a wellness-focused stay are already in place, according to the hotel. But, like other resorts trying to navigate the new demands of wellness, there's more work to be done. Marina Bay Sands is doubling down on the quality of sleep, a cornerstone of any wellness journey. For example, its Paiza Royal suites – a collection of 60 upscale rooms across all three towers – have handmade Savoir mattresses handmade Savoir mattresses, some costing upwards of $20,000. "Sleep quality is a priority," Barry says. The mattresses, crafted with natural materials such as horsehair, are designed for comfort and restorative sleep. The hotel also offers a pillow menu — a box filled with miniature pillows that you choose from — allowing you to further customize your sleep experience. Many of the larger suites include private gyms. Some of them feature innovative exercise equipment such as the Kinesis Personal, a high-tech device that offers a variety of exercises to improve strength, flexibility, coordination, and balance through a personalized workout. Barry says the next generation will allow guests to interact with a virtual personal trainer, and the hotel is interested in adding them to its suites. While all of the resorts rooms have wellness options, the signature suites are pushing the limits. For example, one of the suites offers a Himalayan salt wall, which is said to reduce stress and increase overall well-being. Another suite offers a virtual golf simulator. Barry says the hotel is looking for other ways to boost guests' wellness. There's a growing awareness of the importance of nutritious food options, according to Barry. Guests want to feel that even while they're indulging, they can do it in a healthy way. In coming months, the resort plans to further develop its vegetarian, vegan and gluten-free choices in its signature restaurants. An in-suite salt room at the Marina Bay Sands. The hotel has just hired a vice president of spa and wellness to find ways to develop its wellness experience. As with other hotels on the Malay Peninsula that are pushing the boundaries of wellness, the resort sees its program as a multidisciplinary endeavor — encompassing food and beverage, gym, in-room amenities, and its spa. "It's a holistic program," says Barry. Of course, such an undertaking isn't without its risks. With 600 table games and 3,000 electronic gaming machines, Marina Bay Sands remains one of the largest casino resorts in the region. Even though bringing an integrating wellness program to the resort blurs the line between a casino and a resort hotel, Barry sees it as a worthwhile. "Wellness is not an amenity here, " Barry says. "It's a philosophy."
Associated Press
04-04-2025
- Business
- Associated Press
Women's History Month Spotlight: Marina Bay Sands' Penny Lo Outlines Her Career Journey and Key Learnings
During Women's History Month 2025, Sands is featuring women who help drive the company's success and exemplify its culture of advancement. Penny Lo joined Marina Bay Sands in 2010 as associate general counsel and now serves as vice president and deputy general counsel, data protection officer. Over the years, she has held different roles on the legal team including interim chief compliance officer and interim general counsel. Her current scope of work covers all non-gaming contracts and projects, business unit legal, HR issues, development contracts related to Marina Bay Sands' expansion and certain gaming regulatory matters. She also serves as data protection officer for the resort and works closely with the cybersecurity and IT teams in this area. What is your background at Marina Bay Sands? 'I had worked in Shanghai from 2004 to 2009 in an Asia Pacific attorney role and was traveling regionally for my job. When my second child was about to arrive, I felt it would be easier to raise my two children with the support of my extended family in Singapore. My then-boss Faris Alsagoff had joined Marina Bay Sands in 2010 and asked me if I was interested in an opening at the resort. It was a great opportunity to join an exciting new industry in Singapore and with less travel involved so I could be home more for my kids. 'In the early years I worked mostly on gaming-related legal and compliance work. I would not have been able to survive if not for the generosity of much more experienced people in casino management who spent many hours explaining the inner workings of a casino to me. 'After Faris left the company, I took on two portfolios – running the legal department and the surveillance department. It was the toughest part of my career because I was thrust into the deep end. On top of that, I decided to have my third child. 'Eventually, Faris came back to Marina Bay Sands. Running the legal department with him for the last 14 years has been a fulfilling experience, especially when it's a department where people are happy and stay for many years.' What resources and experiences helped you build a successful career? 'I think 'success at work' is a combination of a multitude of factors, not all of which are under one's control and some of which are really because people helped and gave me opportunities. So much of it is also by chance. For example, who would have thought I would have the opportunity to help build the legal department from scratch in 2010 to what it is today and to do it for a company like Marina Bay Sands? It only happened because I was there at the right time, and Faris and former managing director George Tanasijevich gave me an opportunity. 'From a training standpoint, I would not be where I am today without the eight years I spent working at Drew & Napier training under two amazing partners in the corporate department. They had extremely high standards of work and they taught me so much about how to analyze problems. In those years, legal associates worked 12-hour days, which also taught me the value of hard work. 'Another turning point was when I decided to pursue a master's degree in business administration in France at INSEAD. The year in France really opened up the world to me and made me much more intellectually curious. After INSEAD, I joined a London marketing/brand strategy consultancy and worked for their Shanghai office where I helped write a book on Chinese brands in the early 2000s when China was just opening up. I was not in comfortable territory, but I did these things because I was exploring. I would tell myself, 'There's no magic to it, even the most experienced person has to start from ground zero'. 'When I went to Shanghai to work in a regional legal role for a U.S. multinational corporation, I spent a lot of time doing mergers and acquisitions work – divesting large global business divisions and handling environmental issues in China and India. Again, this was not something I had any experience in, but I learned a lot. I think that when you have diverse experiences like these, you are constantly learning. Later on, these experiences give you insights that can be applied to solving other problems. 'My takeaway is that it's important to not be too linear in one's approach to life and career. As long as you are growing and learning, you will be fine!' What are your ideas for empowering women in their careers? 'It really is down to dealing with the individual. In the same way that my boss has given me opportunities, we also have to proactively give opportunities to women when we see the potential in them. 'As an older executive, I have the experience to see what a younger person is lacking, and I can see when I am in a position to help that younger person build what she lacks so that she gets even better. For example, I could have someone working for me who is technically very capable but lacking in public speaking skills. So what I might do is work with her on an important presentation; make her deliver it; then I give feedback, and we do it again at the next opportunity. When she eventually nails it, I tell her how great she was. 'You have to do this in many ways – including when you see that you can help them move on to another portfolio and that it would really boost their career even if it means they leave you. But it also takes two to tango; the younger person has to have enough trust in you to take on your advice and feedback. How do you build that trust? That's the most difficult piece. It is built over the thousands of small interactions where you hope that she sees you have her best interests at heart. 'I also like to tell the women who work for me not to shy away from projects and new pieces of work. I try to tell them not to regard it as work but as another chance to learn something new and create something useful. It may even generate new options for them. Ultimately if nothing else, you become more skilled, more experienced. Everything you experience brings with it greater wisdom.' What advice do you have for women or anyone who wants to advance in their careers? 'I have this little line: 'My life is not my CV'. Because we spend so much time at work and work is so encompassing, it can take over your life. But your life is not your CV, and it shouldn't be. It's important to ensure you know who you are and that it is not just an identity that is associated with who you are at work. This makes everything much more balanced. It also allows you to manage your CV so that it fits the life you want to lead and not the other way around. 'As one of the founders of EmpowHER, I try to encourage the other women at Marina Bay Sands not to be afraid – if you don't step up, no one will notice you, and you will not have an impact. If you do step up, unfortunately you do have to do more work – everything comes with a trade-off. It's up to you – what do you want to do with your time at Marina Bay Sands?'
