The Las Vegas Sands Corp. is appealing to Singapore authorities for more land, which the company will use to increase the number of rooms at its Marina Bay property 60 percent. The company is seeking the extra rooms after facing almost full occupancy, billionaire chairman Sheldon Adelson told Bloomberg.
If granted the land, the casino operator plans to add 1,500 rooms to the Marina Bay Sands' existing 2,563 rooms. Other additions include meeting rooms, ballrooms and exhibition spaces to the $6 billion casino resort.
“We need more rooms,” Adelson told Bloomberg. “We are running at a 100 percent occupancy; on a bad day it’s 98 percent, no other hotel in the world runs like this except some in Vegas.”
Singapore recently overturned a four-decade ban on casinos in order to create economic growth. The Marina Bay Sands opened in 2010, and has approximately 1.2 million square feet of meeting and convention space and two theaters for Broadway shows, concerts and gala events, according to a company filing.
A February report from STR Global showcased an increase in supply (+3.5 percent) and demand (+2.4 percent) in Singapore, but negative results in occupancy (-1.1 percent) to 80 percent, average daily rate (-.01 percent) to $231.79 and revenue per available room (-1.1 percent) to $185.51.