Marina Bay Sands’ shopping mall goes from strength to strength
The operator of one of Asia’s most prominent and popular casino resorts said that its property is expected to expand in the coming months.
GGR Asia reports that casino resort Marina Bay Sands, in Singapore, said it will have several new stores open in the venue’s mall in the coming months.
The Shoppes at Marina Bay Sands ended the first quarter of 2021 with an occupancy rate of 98.9 per cent, according to company data.
That compared with an occupancy rate of 96.4 per cent a year earlier.
The property is operated by Marina Bay Sands, a subsidiary of United States-based Las Vegas Sands Corp.
The Singapore unit said that The Shoppes at Marina Bay Sands was set to welcome in June a boutique of Singapore-based Parisian perfume house Maison21G Paris.
In the third quarter of 2021, South Korean skincare brand The History of Whoo will launch at the property its “first ever” service boutique for facial care.
Italian linens and lifestyle brand Frette is scheduled to open in September its first standalone store in Singapore at Marina Bay Sands.
By the end of 2021, home and living brand Silky Miracle will launch at the casino resort its first-ever store in the city-state.
Also launching is the first Asian stand alone store of Italian luxury brand Pineider, a maker of leather goods, pens and pencils.
The opening is to take place in July.
Marina Bay Sands vice president of retail Hazel Chan said the property’s operator was “encouraged by the confidence” shown by its retail partners at the shopping venue.
Since reopening in June 2020, following a temporary closure related to citywide measures adopted by the Singaporean government to curb the spread of COVID-19 locally, The Shoppes “had welcomed more than 20 new and flagship stores”.
Financial data disclosed by parent Las Vegas Sands in April showed that The Shoppes at Marina Bay Sands recorded an operating profit of US$41 million for the first quarter of 2021, on a gross leasable area of 57,627 square metres.
Sands eager to invest in Singapore
While Sands is pleased with the strength of its retail arm, it had previously flagged interest in further investment into the Singapore casino market, after it sold off its Vegas assets.
Group president and chief operating officer Patrick Dumont recently told investors that the company was keen in investing more in Singapore, given the return profile of the market.
“We are very privileged to have reached an agreement for a new development there, for expanding Marina Bay Sands,” he said.
Las Vegas Sands is to invest an additional US$3.3 billion to expand Marina Bay Sands in return for an extension until the existing duopoly of its gaming rights in Singapore.
The company intends to build a fourth tower adjacent to its existing complex.
The expansion includes a 15,000-seat arena, new luxury all-suite hotel with 1,000 rooms and a sky roof.
“We are very focused on Marina Bay Sands. We also intend to invest significantly in the existing towers, to ensure the property remains competitive in the future,” Dumont said.
Las Vegas Sands’ chairman and chief executive Robert Goldstein said the company was eager to deploy capital and reinvest in Macau and Singapore, “where the return on investment is higher than in Las Vegas.”