Chairman, Chief Executive Officer & Treasurer, Las Vegas Sands
Las Vegas Sands breaks ground on US$8 billion expansion at Marina Bay Sands
At the groundbreaking of new buildings that will expand Marina Bay Sands, Prime Minister Lawrence Wong said these will unlock new opportunities for Singaporeans in hospitality and tourism. He added that developments in the area are part of a broader and more ambitious transformation spanning the Greater Southern Waterfront. The US$8 billion development is primed to create new jobs and support local small- and medium-size enterprises, as well as boost Singapore's tourism receipts by at least S$500 million annually. Nasyrah Rohim reports.
About Robert Goldstein
During Las Vegas Sands’ earnings calls in 2025, Goldstein reported that Marina Bay Sands (MBS) in Singapore achieved a record quarterly EBITDA of $768 million in the second quarter and $806 million in the fourth quarter, which he described as "the greatest quarter in the history of casino hotels." He stated that the company’s earlier forecast of $2.5 billion in annual EBITDA for MBS was "too conservative" and that the property would "easily exceed" that figure in 2025. Goldstein emphasized that the company’s strategy in Singapore is to give rooms to high-value gaming customers rather than sell them, saying, "You don't make $3 billion annually with hotels." He also noted that the company’s board approved a 20% increase in the quarterly dividend to $0.30 per share for 2026. In Macau, Goldstein acknowledged that the company had been "not aggressive enough" with customer reinvestment and that its properties alone were insufficient to drive results, stating, "We were wrong." He set a short-term goal of reaching a $2.7 billion EBITDA run rate, adding that at $2.2–2.3 billion the company was "not performing well enough." On the potential impact of the World Cup on travel, Goldstein dismissed concerns, saying, "I don't believe it matters at all." Regarding the company’s $6 billion investment in a new Singapore property (IR2), he said the company has not adjusted its financial models but that recent results "validate the quality of the market." The company also repurchased $800 million of its stock in the second quarter and $500 million in the fourth quarter, with Goldstein stating that such repurchases are "meaningfully accretive" to shareholders.
Transcript (22 segments)
✨ AI-enhanced transcript with speaker attribution
N
Narrator0:00
At the groundbreaking of new buildings that will expand Marina Bay Sands, Prime Minister Lawrence Wong said these will unlock new opportunities for Singaporeans in hospitality and tourism. He added that developments in the area are part of a broader and more ambitious transformation spanning the southern waterfront. Nash Rohim with more.
In a decade, both locals and tourists will have more to do at Marina Bay. From water sports at the new NS Square to a garden in the sky at the new building, the area will be part of a greater southern waterfront which will feature new public and private homes. Marina Bay is a place that Singaporeans are proud to call home. For Singaporean men, 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. So, we are very proud of what Marina Bay has become, but we are not done yet because we believe the best still lies ahead.
The 8 billion US development by Las Vegas Sands is primed to create new jobs and support local small and medium enterprises. Last year, Marina Bay Sands employed 12,000 people and mostly relied on local businesses for day-to-day needs. Mr. Wong said the decision to have an integrated resort was a bold move for Singapore to reimagine its tourism scene.
L
Lawrence Wong1:32
When you are in the moment, nothing ever feels certain. Every success is built on countless decisions, on risk, on a lot of doubt.
N
Narrator1:45
Mr. Wong added that Singapore never takes progress for granted, and that moving forward takes effort, belief, and strong partnerships like the one with Las Vegas Sands.
The additional suites and entertainment venue at Marina Bay Sands are expected to boost Singapore's tourism receipts by at least $500 million annually. And according to Association of Singapore attractions estimates, they will also draw 250,000 more tourists annually. Analysts add that spending will spill over to other parts of the economy. Nasha Rohim with more.
In about 5 years, the next big artist could host their concert here. This 15,000 seat entertainment arena is next to the new 55-story hotel by global integrated resorts developer Las Vegas Sands. All 570 rooms in the new tower called IR2 for now will be suites. Marina Bay Sands is hoping these additions will draw more visitors from a particular age group.
R
Robert Goldstein2:53
In the last couple years, young people have been very successful throughout Southeast Asia. There are a lot of very smart, motivated, business-minded entrepreneurs who have been creating success for themselves and they want to experience travel. They want to experience tourism and they like coming to Singapore and we're the beneficiaries of this wealth creation and rising middle class across Southeast Asia.
N
Narrator3:12
One analyst says that the impact could be wider.
A
Analyst3:16
The spending power will be very high. So in terms of revenue per tourist or per visitor coming here, I think definitely this will add to our economy and any spending that these visitors bring, there will be multiplier effect across the full Singapore economy including all the supporting sectors to the main hotel industry.
N
Narrator3:46
Experts say that besides growing its concert tourism and catering to newer demographics, Singapore continues to refresh its options for tourists.
A
Analyst3:56
Singapore has tapped into many of these new and upcoming areas without neglecting the traditional family shopping and maybe even casino or cruises. But they're going into things like wellness also, which are according to the trends and statistics will be one of the newer segments that will be coming up strongly in the next few years.
N
Narrator4:21
He adds that other big names like Resorts World Sentosa are refreshing their offerings. For instance, the Singapore Oceanerium will open later this month.
H
Host4:35
And to expand on benefits of the new developments in Marina Bay, we now speak with Associate Professor Lao Kong Chin, head of the marketing program at the School of Business at SUSS. Professor Lao, thank you so much for joining us today. So give us a big picture, what kind of tourism and economic opportunities do you see this new integrated resort unlocking for Singapore?
L
Lao Kong Chin5:01
I think that this new initiative is going to be a major game changer in the next five years. I think five, six years when it's going to be launched, I think 2030 is going to boost the excitement, particularly like the PM said in the Marina Bay area. This whole development is going to encompass not just the 15,000 seat arena that is state-of-the-art, but I think with luxury suites, ultra luxury suites that are particularly targeted at luxury travelers, plus a whole host of F&B. I think this will definitely add to the capacity for Singapore to be able to host more high-end concerts, conventions, mega conventions, and even sports events, indoor sports events. So I think that's a lot of opportunity for growth and to draw high-end luxury travelers that will really boost our economy.
H
Host6:13
And who is this resort designed to attract? Give us a sense of the key target markets. Are we looking at specific regions, demographics or travel profiles?
L
Lao Kong Chin6:26
Well, I think in the short run, if you look globally, the ultra rich, a lot of them are still in North America, but research shows that growing very rapidly is the ultra rich coming out from Asia, particularly in China, South Korea. Research shows that a lot of new development in luxury hotels are actually blooming in this Asia region. So I think we're going to see a lot more Asians, particularly Chinese, Koreans, Japanese coming over. That's more from a geographical perspective. But I think from a psychographic perspective, you're going to see a lot more Gen Z and millennials, the new generation of entrepreneurs and some of them what we call the aspirational, those who do not just look at luxury from the perspective of luxury products, but more of a luxury experience. And from research, we see a lot more travelers and discerning young consumers leaning towards luxury experiences rather than just going for luxury products. So I think this initiative with this new tower that Marina Bay Sands is building is going to be a good attraction for this segment of customers.
H
Host8:06
What kind of services will these groups of travelers be expecting? Do we have that trained manpower to meet those demands for top class service and hospitality for example?
L
Lao Kong Chin8:20
I think they are definitely looking for premium personalized, impeccable service. And I think they are also basically looking for novelty, things that are different. So from both perspectives, the hardware and the software, I think the hardware we are putting in there. The software is not just the people, but you have different kind of talents that you're looking at. We're going to have more high-end F&B as mentioned by the CEO of MBS, and I think that means we're going to draw more talented chefs, cooks that are going to be opening their restaurants here. That will really need higher skill kind of F&B operators. We need better skilled crew on the ground to be more attentive to high-end customers from the luxury segment. So I think in the short term, we will have to boost and increase the talent pool in this area particularly. When we went through COVID, a lot of talented and experienced hospitality and tourism talent have been lost. They have moved on to other segments and are not coming back. I think therefore we need to retrain, and that's something we need to catch up. I know NTU and STB have been introducing initiatives to train and also to upskill the workforce to cater for this expected growth in this area. So I think in the short run, we may have to augment this with foreign talent, but I think with our skill sets we can go forward with this.
H
Host10:32
Time is running out. Professor Lao, very quickly I also want to talk about the 15,000 seat arena. That's one of the major highlights of these developments. How does it boost Singapore's position as a go-to destination for large-scale concerts and live entertainment in the region?
L
Lao Kong Chin10:50
It'll definitely draw a lot of top-end artists and performers because they would definitely like to enjoy the uniqueness and the luxury, the ultra luxury experience that MBS could bring with this new development. And of course, high-end big scale companies who want to hold their mega conventions here, and this really adds to the glamour of what they can offer. So I think as a whole, our brand here will definitely be a big attraction down the road and be a game changer for the region.
H
Host11:29
All right, a great forecast. Thank you so much, Professor Lao. Professor Lao Kong Chin there from SUSS.