The upcoming Marina Bay Sands integrated resort in Singapore could break even at the operating level within the first or second month of opening. This bullish forecast was given by Las Vegas Sands CEO Sheldon Adelson.
He said the resort is set to open at the end of March 2010 although it could be delayed by a couple of weeks.
When fully completed, the Marina Bay Sands integrated resort will boast of more than just a Las Vegas style casino.
The complex will have two theatres, a museum, an exhibition centre, a 2,600-room hotel, and luxury shopping and dining facilities.
Marina Bay Sands is set to open at the end of March or early April 2010, with about 50 per cent of its facilities ready. These include the casino and most of the restaurants.
The rest of the resort will be completed 60 days after the first phase, except for the museum and theatre, which are due to open at the end of 2010. This puts the resort behind its original target of end-2009, but Las Vegas Sands said quality is of utmost importance.
Sheldon Adelson, CEO, Las Vegas Sands, said: “I think what’s more important is the quality of what we are doing, the fundamental business strategy, and how we are going to succeed.
“Whether or not it’s delayed, this is just a red herring issue. It’s not going to be open until it’s right and because we are in it for the long term. We are not going to rush to open something when its not ready.”
Training for staff is expected to commence early next year.
There will be in the region of 12,000 to 13,000 staff at the integrated resort, some 85 per cent of whom will be Singaporeans. But the percentage is expected to move down to 70 per cent as the project progresses due to the high number of entry level positions.
Las Vegas Sands said there are no plans yet to list the Marina Bay integrated resort. It is optimistic about the outlook, expecting to the return on capital investment in 5 years.
Mr Adelson said: “You can’t write off your whole capital cost. We did when we opened the Sands in Macau, we got back our entire investment in one year. Now this investment is too high, it’s US$5.5 billion so it makes sense that we are not going to get that back in a year. But if we get that back within 5 years’ we’ll be happy.”
Sands said it is also in discussions with parties for further projects around the region, including Japan, Korea, Vietnam, Thailand, India and Malaysia. The upcoming Marina Bay Sands integrated resort in Singapore could break even at the operating level within the first or second month of opening. This bullish forecast was given by Las Vegas Sands CEO Sheldon Adelson.
He said the resort is set to open at the end of March 2010 although it could be delayed by a couple of weeks.
When fully completed, the Marina Bay Sands integrated resort will boast of more than just a Las Vegas style casino.
The complex will have two theatres, a museum, an exhibition centre, a 2,600-room hotel, and luxury shopping and dining facilities.
Marina Bay Sands is set to open at the end of March or early April 2010, with about 50 per cent of its facilities ready. These include the casino and most of the restaurants.
The rest of the resort will be completed 60 days after the first phase, except for the museum and theatre, which are due to open at the end of 2010. This puts the resort behind its original target of end-2009, but Las Vegas Sands said quality is of utmost importance.
Sheldon Adelson, CEO, Las Vegas Sands, said: “I think what’s more important is the quality of what we are doing, the fundamental business strategy, and how we are going to succeed.
“Whether or not it’s delayed, this is just a red herring issue. It’s not going to be open until it’s right and because we are in it for the long term. We are not going to rush to open something when its not ready.”
Training for staff is expected to commence early next year.
There will be in the region of 12,000 to 13,000 staff at the integrated resort, some 85 per cent of whom will be Singaporeans. But the percentage is expected to move down to 70 per cent as the project progresses due to the high number of entry level positions.
Las Vegas Sands said there are no plans yet to list the Marina Bay integrated resort. It is optimistic about the outlook, expecting to the return on capital investment in 5 years.
Mr Adelson said: “You can’t write off your whole capital cost. We did when we opened the Sands in Macau, we got back our entire investment in one year. Now this investment is too high, it’s US$5.5 billion so it makes sense that we are not going to get that back in a year. But if we get that back within 5 years’ we’ll be happy.”
Sands said it is also in discussions with parties for further projects around the region, including Japan, Korea, Vietnam, Thailand, India and Malaysia.
Source: Channel News Asia, 21 Dec 2009
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