Las Vegas Sands (NYSE: LVS) has kicked off an $8 billion expansion of its Marina Bay Sands resort in Singapore — one of the most ambitious projects in gaming history. Analysts say the development could significantly enhance the company’s earnings and financial flexibility once completed.
According to a new report from Moody’s Investors Service, the expansion is expected to drive a surge in visitation, boosting Sands’ earnings per share (EPS) and helping the operator reduce its leverage. “Once constructed, this property will result in considerable additional visitation at MBS, and in turn, considerable earnings and ability to reduce leverage,” Moody’s stated.
The ratings agency currently assigns Sands a “Baa3” rating — one notch above junk — with a “stable” outlook, citing strong liquidity and improving free cash flow. So far, Sands has invested about $2.2 billion in the project and retains $5.88 billion on a Singapore-specific term loan.
Why the Expansion Matters
An $8 billion investment in a single venue surpasses the cost of building multiple new casinos in Las Vegas. However, Marina Bay Sands, already one of the world’s most profitable casino hotels, continues to strengthen its dominance over Genting’s Resorts World Sentosa in Singapore’s two-operator market.
In 2024, Marina Bay Sands’ EBITDA exceeded its pre-pandemic record of $2.05 billion from 2019, with Moody’s noting that Singapore’s gaming performance “has continued strongly in 2025.”
Inside the $8B Project
As reported by Casino.org, the expansion will add a 55-story fourth hotel tower featuring 570 luxury suites, new pools, fine-dining restaurants, and expanded leisure areas. The project also includes a 15,000-seat entertainment arena, 200,000 square feet of MICE (meeting, incentive, convention, and exhibition) facilities, and a new collection of upscale retail and spa spaces.
These nongaming upgrades align with Singapore’s vision of positioning integrated resorts as all-encompassing entertainment destinations.
With robust operations in both Singapore and Macau, Sands’ premium reputation and property quality continue to drive optimism for the company’s future earnings growth.
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