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Straits Times
41 minutes ago
- Straits Times
Economic headwinds do not dampen outlook for new Marina Bay development: Las Vegas Sands president
Find out what's new on ST website and app. Las Vegas Sands president and CEO Patrick Dumont said Singapore is 'incredibly desirable' to the firm as so many people want to come to the Republic to live and do business. SINGAPORE – Consumer spending in the Asia-Pacific is currently dampened due to geopolitical factors, but Mr Patrick Dumont remains unfazed about long-term business projections for the upcoming Las Vegas Sands development. 'We think in 10, 20-year terms,' said Mr Dumont, who is the president and chief operating officer at Las Vegas Sands, Marina Bay Sands' (MBS) parent company. 'South-east Asia is filled with young people who are entrepreneurial, aspirational and working very hard and creating business success, and as that occurs, they want to consume, and experience things that are unique, luxury and aspirational.' Las Vegas Sands' new US$8 billion (S$10.3 billion) development is set to be completed by 2030 and open in the first quarter of 2031. The complex will comprise 570 luxury hotel suites, a casino, a 15,000-seat entertainment arena, and 200,000 sq ft of meeting and convention space. It will also have a 'Skyloop' – a counterpart to the current MBS SkyPark – and high-end restaurants. An artist's impression of Las Vegas Sands' new ultra-luxury development in Singapore. PHOTO: MARINA BAY SANDS 'This is going to be the most luxurious and high-serviced hotel in the world,' Mr Dumont told The Straits Times on July 14, a day before the ground-breaking on the new development. The new complex costs almost 50 per cent more than the US$5.6 billion that was pumped into the development of the existing MBS integrated resort by Las Vegas Sands 15 years ago. Despite being targeted at the ultra-luxury market, it will have public spaces open to everybody – such as the new Skyloop on the roof, where two overlapping elliptical decks are stacked on top of each other. An artist's impression of the Lower and Upper Skyloop on the tower's roof, where two overlapping elliptical decks are stacked on top of each other. PHOTO: SAFDIE ARCHITECTS The lower Skyloop will have several public areas, including an observatory, restaurants and rooftop gardens, while above, hotel guests will have private cabanas and infinity-edge pools. There will also be a wellness terrace for events. Singapore is 'incredibly desirable' to Las Vegas Sands and its significant investments because so many people want to come to the Republic to live and do business, said Mr Dumont. 'So, it is very important for us to continue to invest and grow our capabilities, to maintain leadership in the industry... This is the next evolution in high-value tourism investment.' (From left) Minister for Sustainability and the Environment Grace Fu, Las Vegas Sands co-founder Miriam Adelson, Las Vegas Sands chief operating officer Patrick Dumont, architect Moshe Safdie and Prime Minister Lawrence Wong looking at a model of the new hotel tower during its ground-breaking ceremony on July 15. ST PHOTO: AZMI ATHNI The focus on high-spending business and leisure tourists aligns with the Government's focus, he noted. For example, the authorities have identified the Mice (meetings, incentives, conferences and exhibitions) segment as a key growth engine for Singapore tourism. Mice visitors are expected to contribute 10 per cent, or $3.5 billion, of the country's tourism receipts by 2040. The upcoming entertainment arena, for instance, will be able to hold both live performances and Mice events. The hotel tower and arena by Las Vegas Sands set against the horizon. PHOTO: SAFDIE ARCHITECTS 'We will have a connection through a bridge that will allow people to have a large Mice event and then also use the arena for other purposes as part of that event,' said Mr Dumont, adding that it is important for the new development to include amenities not available in the existing MBS property. He also envisions the new development having a larger impact on the Marina Bay district as a whole in what he described as a 'halo effect'. 'Where it not only enhances our ability to conduct tourism and drive people to Singapore and to our properties, but also enhances the Marina Bay district as a desirable tourism destination because of the amenities that we will provide.'
Straits Times
43 minutes ago
- Straits Times
Las Vegas Sands' new development part of S'pore's broader, more ambitious transformation: PM Wong
The new complex is set to be completed by 2030, and to open in the first quarter of 2031. SINGAPORE - Singapore's skyline will get a soaring new addition come 2030 when Las Vegas Sands' US$8 billion (S$10.3 billion) new hotel tower is completed. Speaking at the development's ground-breaking ceremony on July 15, Prime Minister Lawrence Wong said the plans for Marina Bay are just one part of the Republic's broader, more ambitious transformation of its entire southern waterfront. A 30km stretch of coastline from Gardens by the Bay East to Pasir Panjang that is six times the size of Marina Bay, it will have more commercial, recreational and entertainment options, alongside new residential precincts that include public housing for Singaporeans, he added. The authorities said in May that the first of these homes – around 1,000 Housing Board Build-To-Order flats to be built on the site of the former Keppel Club – will be launched for sale in October. PM Wong said: 'That's what we mean when we say we are never done building Singapore. We will always keep on improving, keep renewing and keep on moving forward.' The Greater Southern Waterfront project was first announced by then Prime Minister Lee Hsien Loong at the 2013 National Day Rally, where he outlined a vision to consolidate container port activities in Tanjong Pagar, Keppel, Brani and Pasir Panjang at a unified port in Tuas, freeing up prime waterfront land for redevelopment. PM Wong was addressing about 200 guests gathered at the ground-breaking site next to Marina Bay Sands' (MBS') Hotel Tower 1. They included Las Vegas Sands co-founder Miriam Adelson, chairman and chief executive officer Robert Goldstein, and president and chief operating officer Patrick Dumont. Top stories Swipe. Select. Stay informed. Singapore Economic headwinds do not dampen outlook for new Marina Bay development: Las Vegas Sands president Business MAS records net profit of $19.7 billion, fuelled by investment gains Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore CDL's long-time director Philip Yeo to depart after boardroom feud Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Life The Violinist, Singapore's first animated historical film, set for August 2026 release Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years The new Las Vegas Sands complex will comprise 570 luxury hotel suites, a casino, a 15,000-seat entertainment arena, 200,000 sq ft of meeting and convention space, and numerous high-end restaurants. It is set to be completed by 2030 and to open in the first quarter of 2031. Like MBS, it is designed by US-based firm Safdie Architects, and it will have a distinct roof in the form of an elliptical Skyloop, which will have 360-degree views, and both public and private facilities. PM Wong called Marina Bay a symbol of the Singapore Story – that of a thriving financial and business hub, a vibrant destination for meetings, conventions, tourism and entertainment, as well as a key node connecting Singapore to the global economy. But more than just an economic success story, it has become deeply embedded in the national consciousness, he added. Prime Minister Lawrence Wong speaking at the ground-breaking ceremony for the new Las Vegas Sands hotel tower on July 15. ST PHOTO: AZMI ATHNI This is as the bay is where Singaporeans come together to celebrate milestones such as the National Day Parade and year-end countdowns, and to make memories. The skyline is also instantly recognisable around the world as being Singapore, whether in movies, documentaries or music videos, he said. 'Every recruit who does basic military training, their graduation parades are held here, reminding them of why they are defending Singapore and what they are defending,' he said. 'So we are very proud of what Marina Bay has become, but we're not done yet because we believe the best still lies ahead.' (From left) Populous senior principal Andrew Tulen, architect Moshe Safdie, Las Vegas Sands chief operating officer Patrick Dumont, Las Vegas Sands co-founder Miriam Adelson, Prime Minister Lawrence Wong, Minister for Sustainability and the Environment Grace Fu, Las Vegas Sands chairman and chief executive Robert Goldstein, Las Vegas Sands executive vice-president of Asia operations Grant Chum and Marina Bay Sands chief operating officer Paul Town at the ground-breaking ceremony on July 15. ST PHOTO: AZMI ATHNI He noted that the Las Vegas Sands development will both refresh Singapore's skyline and introduce new attractions, including the rooftop Skyloop and the 15,000-seat arena for world-class concerts and performances. Added convention and exhibition space will also further strengthen Singapore's position as a leading Mice (meetings, incentives, conferences and exhibitions) destination globally, he added. Alongside the upcoming NS Square, which is set to be completed by 2027, PM Wong said these developments will add buzz and vibrancy to the bay area, which will draw more visitors and create new opportunities for Singaporeans in hospitality and tourism. An artist's impression of the Skyloop from an aerial view. PHOTO: SAFDIE ARCHITECTS Singapore is able to keep renewing itself and moving forward because of strong partnerships, such as with Las Vegas Sands, said PM Wong. He noted its 'bold commitment' when the integrated resort was first mooted in 2005. The American casino and resort company committed to an initial investment of $3.85 billion, which is apart from another $1.2 billion in land cost for the site. 'It was... a major investment, underpinned by confidence in Singapore, and in Singapore's future,' he said. 'I'm glad this partnership has flourished, and I'm even happier that we are now taking it to the next level.' Mr Goldstein said that Marina Bay Sands has become the most successful integrated resort in history and the industry's gold standard since it opened in 2010. 'We have every intention of delivering a product that will be the envy of the hospitality industry and ushers in a new era of luxury tourism in Singapore,' the Las Vegas Sands chairman and CEO said of the new tower.
CNA
an hour ago
- CNA
Mira Murati's AI startup Thinking Machines valued at $12 billion in early-stage funding
Thinking Machines Lab, the artificial intelligence startup founded by former OpenAI executive Mira Murati, said on Tuesday it has raised about $2 billion at a valuation of $12 billion in a funding round led by venture capital firm Andreessen Horowitz. The fundraise also saw participation from AI chip giant Nvidia, Accel, ServiceNow, Cisco, AMD and Jane Street, the startup said. The massive funding round for a company launched only in February, with no revenue or products yet, underscores Murati's ability to attract investors in a sector where top executives have become coveted targets in an escalating talent war. "We're excited that in the next couple months we will be able to share our first product, which will include a significant open source component and be useful for researchers and startups developing custom model," CEO Murati said in a post on the X social media platform. Reuters had reported in April Andreessen Horowitz was in talks to lead an outsized early-stage funding round. Thinking Machines has said it wants to build artificial intelligence systems that are safer, more reliable and aimed at a broader number of applications than rivals. Nearly two-thirds of its team at launch comprised of former OpenAI employees. Murati, who started Thinking Machines after an abrupt exit from OpenAI last September, is among a growing list of former executives from the ChatGPT maker who have launched AI startups. Another two, Dario Amodei's Anthropic and Ilya Sutskever's Safe Superintelligence, have attracted former OpenAI researchers and raised billions of dollars in funding. Investor enthusiasm toward new AI startups has stayed strong, despite some questions about tech industry spending. That helped U.S. startup funding surge nearly 76 per cent to $162.8 billion in the first half of 2025, with AI accounting for about 64.1 per cent of the total deal value, according to a Pitchbook report.
