Marina Bay Sands (MBS), which soft opened yesterday in Singapore’s Central Business District, expects to reap the return on its US$5.5 billion investment in the next five years.
Top officials present at the opening admitted, however, that with less than three percent of the resort’s 581,400sqm gross floor area designated to the casino, it is unlikely that gaming will be MBS’ primary source of income.
“We expect the MICE (meetings, incentives, conventions and exhibitions) business to grow the most dramatically (and) to eventually contribute 50 percent or more to our business,” said MBS president and CEO Thomas Arasi. “We have the goods to deliver exceptional meetings and events – flexible facilities and hotels as well as a whole new level of shopping, entertainment and F&B experiences.”
To date, over 160 events have been booked at the 120,000sqm The Sands Expo and Convention Center, which are expected to draw more than 250,000 visitors to the resort.
Arasi said that MBS has identified five market segments. Besides MICE groups, potential top drawers to the resort are corporates and travel and tours. Gaming is fourth and others come last.
When fully operational, the integrated resort expects visitor numbers to reach between 70,000 and 80,000 daily.
Now available during the first phase of opening are 963 hotel rooms, parts of the shopping mall and convention centre, some restaurants and bars, the Event Plaza along Marina Bay and the casino. On June 23, during the official grand opening, the rest of the property’s 2,560 hotel rooms, shopping outlets, F&B and nightlife offerings will start operating.
The iconic Sands Skypark on top the three hotels, spanning their entire length, will also open on June 23.
Later this year, the resort’s two theatres will be launched. One will be the permanent home of Disney’s The Lion King show, while the other will host special events and other headline acts. The museum will be unveiled at the end of the year.
For more information about the integrated resort, visit www.marinabaysands.com