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In a bid to remain competitive, Singapore’s two integrated resorts (IRs) have committed to pump in a combined amount of $9 billion for the development of “new world-class tourism and MICE facilities and attractions”, announced the authorities which included the Ministry of Trade and Industry (MTI) in a joint release.
The $9 billion investment is around two-thirds of the estimated $15 billion that the integrated resorts initially invested in 2006.
The expansion will see Marina Bay Sands (MBS) add a fourth tower to its existing three towers and a 15,000-seater entertainment arena.
Resorts World Sentosa (RWS), on the other hand, will expand its Universal Studios Singapore (USS) to include two new attractions – Minion Park and Super Nintendo World. Its S.E.A. Aquarium will also be expanded and re-named as Singapore Oceanarium.
“To further improve accessibility into Sentosa Island, RWS will introduce a driverless transport system offering visitors new and more efficient last-mile connectivity, across the Sentosa Boardwalk,” said the release.
To support the commercial viability of the new facilities and attractions, the government has agreed to allow the IRs to expand their gaming provisions. Currently, both IRs are allowed 15,000 sq m in approved gaming area (AGA).
MBS and RWS will be allowed an extra 2,000 sq m and 500 sq m, respectively. However, they would have to pay the land cost for the additional area.
The government has also given them option to increase their allowable gaming machines by 1,000 and 800 for MBS and RWS respectively.
“The IRs have indicated that the additional gaming provisions (both AGA and gaming machines) will be targeted at higher-tier non-mass market players, who are mainly tourists,” noted the release.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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