Marina Bay Sands Seeking 1,500 More Rooms
Monday, 24 March 2014 01:59
Las Vegas Sands has asked the government of Singapore to increase its land allotment at Marina Bay Sands so it can add 1,500 more hotel rooms to the resort.
“We need more rooms,” said Chairman and CEO Sheldon Adelson said, who traveled to the city-state to make the company’s pitch in person. “We are running at 100% occupancy. On a bad day it’s 98%. No other hotel in the world runs like this except some in Vegas.”
Marina Bay Sands opened in the spring of 2010 at a cost of US$6 billion and is the largest hotel in Singapore with 2,563 rooms. LVS reported US$360 million in room revenue at the resort last year, an increase year on year of 11%. Average daily rate was $396 on 98.6% occupancy. The occupancy rate citywide was 86.3%.
LVS said the land allotment also will allow the company to add more MICE space, which it says will enhance government plans to further develop the downtown waterfront area where MBS is located with pedestrian walkways, performance spaces, a museum, restaurants and one of the world’s largest Ferris wheels.
MBS currently houses about 1.2 million square feet of meeting and convention space along with two Broadway-style theaters.