Category Archives: Property Market / Real Estate

Marina Bay Sands IR may open in April or June next year: sources

The heat is on for the Marina Bay Sands integrated resort to open with a bang next year.

But with delays and escalating construction costs earlier this year, people have been left guessing when the doors will open.

Sources have told MediaCorp the earliest the resort will start operations is in April. But some industry observers said June is a more realistic date.

They said the resort is determined to open at least the casino and about a third of the rooms first – because these are considered the “high-revenue areas”.

The 2,600-room resort was slated to open at the end of this year. But in July, it announced a delay to the first quarter of 2010, citing shortage of raw materials and manpower.

Some new staff have also been given letters to start work at a later date.

Source : Channel NewsAsia – 18 Dec 2009

Marina Bay Sands expects 150,000 Mice participants

MARINA Bay Sands (MBS) said yesterday that it has signed up events for its Sands Expo and Convention Centre that will bring over 150,000 attendees to the integrated resort (IR).

The events cover a range of industries including engineering, legal, property, lifestyle, textiles, life sciences, machinery, manufacturing and renewable energy.

Each event, by established organisers and new players, will bring between 3,000 and 25,000 attendees to MBS.

‘We are proud that Marina Bay Sands is the premium venue for meetings, incentives, conferences and exhibitions (Mice) in Asia,’ said MBS chief executive Thomas Arasi. ‘Marina Bay Sands has unique appeal, and the wide variety of different events is a strong sign of support for us and for Singapore.’

Next May, top lawyers will congregate at MBS for an annual conference organised by the Inter-Pacific Bar Association (IPBA). As climate change is the theme, former US vice-president Al Gore and climate change proponent will be the keynote speaker. The conference was last held here in 1994.

Other returning events that have chosen MBS include the 2010 UFI Congress, which is returning to Singapore after a 15-year absence. UFI is the global union of trade show organisers and fairground owners, as well as the major associations of the exhibition industry.

New shows that will debut at MBS include the Industrial Fabrics Association International Expo Asia 2011 trade show, the first major textile event tailored for the Asian audience.

The team behind the Sands Expo and Convention Centre is also expanding and working on more than 100 additional prospects for Mice events over the next four years, MBS said.

Michael Leven, president and chief operating officer of MBS’s developer Las Vegas Sands, said in August that revenue from gaming operations is likely to make up about 75 per cent of MBS’s earnings before interest, taxes, depreciation and amortisation (EBITDA) in the ‘early days’.

But ultimately the plan is for gaming to contribute only about 50 per cent of EBITDA, with non-gaming components such as the Mice facilities pulling more weight down the track.

Source : Business Times – 8 Dec 2009