Singapore's $5.7 Billion Marina Bay Sands Opens Doors

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On April 27th Las Vegas Sands CEO Sheldon Adelson snipped the celebratory ribbon at the Feng Shui approved time of 3:18 pm for his new Marina Bay Sands, an ambitious $5.7 billion (USD) luxury resort development in Singapore.

The Singapore government originally chose Las Vegas Sands Corp. (NYSE:LVS) on May 26, 2006 to build one of only two approved integrated resorts in the Southeast Asian city-state.  Marina Bay Sands will open progressively over the course of the year, with today's first phase including 963 hotel rooms, parts of the shopping mall and convention center, some restaurants and bars, the Event Plaza along Marina Bay, and the casino.  On June 23, during the official grand opening celebration, the remainder of the property's 2,560 guest rooms, more shops from the world's leading retailers, additional dining options, and exciting nightlife offerings, will open.  The Sands SkyPark, which sits 60 stories off the ground and is perched atop the property's three hotel towers, will also debut on June 23.

"Singapore's reputation as a world-class international tourist destination will be further enhanced with the opening of Marina Bay Sands and our company's reputation for building economy-changing tourism developments will be cemented around the world.  For both of those reasons, I am happy to be in Singapore today to open the first phase of the property and look forward to the grand opening celebration," said Mr. Adelson.

"We are proud to have a fine team of people with the professional skills needed to build Marina Bay Sands, open it, and operate it.  With that team, we are confident we will deliver the promise of a facility Singaporeans expected when they honored us with this opportunity," said Michael Leven, president and chief operating officer of Las Vegas Sands.

Mr. Adelson said its unique urban location provides Marina Bay Sands an opportunity to become one of the world's most successful hotel-resort properties.  "The peak period of operations for most urban hotels is midweek, as they tend to cater to business travelers.  The peak period for resort hotels is obviously the weekend when people have free time.  For us, with our meeting and convention business and a multitude of leisure amenities, the entire week is our peak period," he said.

The company's industry-leading experience in the MICE (meeting, incentive, convention and exhibition) business was a key reason Singapore selected Las Vegas Sands.  To date,

Marina Bay Sands has more than 160 events booked in its Sands Expo and Convention Center.  Those events, beginning in May 2010, are expected to draw more than 250,000 total attendees.  Marina Bay Sands President and CEO Thomas Arasi said those numbers will increase quickly and dramatically as meeting planners and convention organizers now have the opportunity to see the property themselves.

"This is a magnificent destination.  From the specially-commissioned, multi-million dollar collection of art that greets you as you enter our hotel lobby to our attentive staff taking care of your every need after you check in, Marina Bay Sands is committed to making sure the interiors and service of our property matches the brilliance of its architecture," said Marina Bay Sands President and CEO Thomas Arasi.

In October, one of the property's two state-of-the-art theatres will welcome Disney's The Lion King.  The second theatre, which will also open later this year, will be home to a variety of special events and famous headline acts.  The iconic Marina Bay Sands museum, expected to open by December, will not only feature international exhibitions, but it will also serve - with its unique lotus-inspired design - as a symbolic welcome to guests from around the globe.
 

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