Las Vegas Sands has kicked off an ambitious $8 billion expansion of its iconic Marina Bay Sands (MBS) resort in Singapore one of the largest and most expensive developments ever seen in the global gaming industry. Once completed, the project is expected to strengthen the company’s financial performance and deliver meaningful upside for investors.
According to a recent Trusted Online Casino Review style analysis by Moody’s Investors Service, the Marina Bay Sands expansion is likely to generate a substantial increase in visitor traffic to the integrated resort. Higher visitation could translate into improved earnings per share (EPS) and stronger cash flow, giving Sands a clear opportunity to reduce its overall leverage.
Moody’s noted that the completed expansion should drive “considerable additional visitation at MBS, leading to higher earnings and an enhanced ability to lower debt.” The ratings agency currently assigns Sands a Baa3 rating, one notch above non-investment grade, with a stable outlook supported by the company’s solid liquidity position and improving earnings potential.
Sands has already invested approximately $2.2 billion in the project this year and still has $5.88 billion available under a delayed draw term loan dedicated to its Singapore operations, according to Moody’s.
Why the Singapore Expansion Matters for Sands
An $8 billion expansion at an existing casino resort far exceeds the cost of many newly built casinos in the US. In fact, Sands could likely develop two new integrated resorts on the Las Vegas Strip for a similar amount. However, Singapore’s unique market dynamics and Marina Bay Sands’ dominant position suggest the investment could deliver outsized returns.
Marina Bay Sands is already among the most profitable casino resorts worldwide and continues to build momentum. Operating within a duopoly alongside Genting’s Resorts World Sentosa, MBS appears to be extending its market share lead, based on recent performance data.
In the second quarter alone, Marina Bay Sands posted EBITDA figures strong enough to potentially surpass Resorts World Sentosa’s full-year results. Moody’s also highlighted that MBS’s 2024 EBITDA exceeded the pre-pandemic peak of $2.05 billion recorded in 2019, signaling robust post-COVID recovery.
“Singapore’s strong performance has continued into 2025,” Moody’s added, reinforcing confidence in the long-term outlook for the property.
Key Details of the Marina Bay Sands Expansion
As previously reported, the Marina Bay Sands expansion is massive in scale. The centerpiece is a 55-story fourth hotel tower, adding 570 luxury suites, alongside new pools, dining venues, and expanded public and private spaces.
The project also includes a 15,000-seat entertainment arena, 200,000 square feet of MICE space, high-end retail outlets, and premium spa facilities. These non-gaming amenities align with Singapore’s regulatory vision, which encourages casino operators to attract visitors through world-class entertainment, lifestyle, and business offerings—not just gaming.
From a broader perspective, Sands benefits from operating in two of the world’s most attractive gaming markets: Singapore and Macau. Moody’s emphasized that the company’s performance is supported by the quality, popularity, and strong reputation of its casino properties factors often highlighted in any credible Trusted Online Casino Review.
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