The owner of Singapore’s landmark Marina Bay Sands resort has negotiated another year’s delay to starting work on a US$3.3bn expansion programme first announced in 2019.
Under the plans, the developer aimed to build another luxury hotel tower, a 15,000-seat arena, and extra convention and exhibition space.
On 23 March this year, Las Vegas Sands, the parent company of Marina Bay Sands (MBS), said in a filing to the Securities and Exchange Commission that MBS had negotiated the year’s delay with the Singapore Tourism Board.
MBS and the tourism board signed a development agreement for the expansion in 2019.
The amendment pushes the deadline to start building back to 8 April 2024, and the completion deadline back to 8 April 2028.
It also makes certain changes to the construction and operation plans set out in the original development agreement.
The delay comes as Singapore’s construction industry continues to wrestle with high material costs and labour shortages after the covid pandemic.
MBS got its first deadline extension in early 2022.
The resort is currently carrying out a US$1bn renovation of the existing hotel complex.
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