Latest news with #PatrickDumont
UPI
12 hours ago
- Business
- UPI
Las Vegas Sands resort in Singapore aims to 'redefine' luxury
When finished, the vast 55-story Las Vegas Sands property in Singapore will hold 570 luxury hotel suites, a casino, shopping, spa and wellness stops, 20,000 feet of meeting and convention space and a 15,000-seat entertainment arena, along with restaurants with incredible views. Image courtesy of Safdie Architects and Marina Bay Sands July 15 (UPI) -- An $8 billion ultra-luxury Las Vegas Sands property in Singapore has its owners saying the soon-to-be constructed resort will "redefine industry standards" and expand the regional footprint of the small island nation. On Tuesday, officials broke ground on the future luxury entertainment destination with both Singapore government and Las Vegas Sands representatives present to witness. "This is going to be the most luxurious and high-serviced hotel in the world," company President and COO Patrick Dumont told The Straits Times on Monday ahead of the ceremony. It's slated for completion by 2030 and officials hope to open by 2031. More than 200 guests attended Tuesday's groundbreaking, including Singapore's Prime Minister Lawrence Wong and company co-founder Miriam Adelson. Native artist Jasmine Sokko and Canadian singer-songwriter Henry Lau entertained guests. The vast 55-story complex will hold 570 luxury hotel suites, a casino, shopping, spa and wellness stops, 20,000 feet of meeting and convention space and a 15,000-seat entertainment arena. The state-of-the-art arena is designed by Populous, the same global firm that curated the Sphere in Las Vegas and London's O2 Arena in Britain. Dumont added that Singapore was an "incredibly desirable" location to Las Vegas Sands, which is the parent company of Marina Bay Sands. According to the company, the new resort will "push boundaries." "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," Robert Goldstein, chairman and CEO of Las Vegas Sands, said Tuesday. The design is being lead by Moshe Safdie of Safdie Architects, the same firm behind the design of the Marina Bay Sands properties. Trump meets with Singaporean Prime Minister Lee Hsien Loong President Donald Trump (R) and Singapore Prime Minister Lee Hsien Loong shake hands during joint statements in the Rose Garden on Monday. Photo by Pat Benic/UPI | License Photo
Straits Times
14 hours ago
- Business
- 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.'
Bangkok Post
17 hours ago
- Business
- Bangkok Post
Las Vegas Sands bets on Asia's young rich
Las Vegas Sands Corp is targeting Southeast Asia's young and wealthy as it kicks off an ambitious US$8-billion expansion of its luxury resort in Singapore that is core to the casino operator's future growth plans. 'As those younger people create wealth for themselves, they want experiences that allow them the benefits of their success,' president and incoming chief executive officer Patrick Dumont said during an interview on Tuesday. Customers who visit the Marina Bay Sands integrated resort complex on business trips often then return with their families for a holiday, he said. The new Sands complex, which is expected to open in January 2031 subject to government approval, includes a new fourth tower with 570 luxury suites, about 18,600 square metres of conference space and a 15,000-seat live entertainment arena. The project underscores Sands' historic pivot to focus on its Asian operations — typically its biggest revenue earners — after the company said in 2021 that it would sell its iconic properties on the Las Vegas Strip. Singapore has emerged as a burgeoning luxury hub with a robust base of affluent locals, as well as a popular holiday destination where tourism spending has climbed to a record. Singapore overtook Macau as Sands' most profitable business after reporting a record adjusted earnings before interest, taxes, depreciation and amortisation of $605 million in the first quarter. In February, Marina Bay Sands Pte secured a multi-tranche loan of $9 billion — the largest such financing ever in Singapore — to help fund the project, for which has costs have ballooned from the original estimate of $3.4 billion made in 2019. Still, Sands faces challenges to its regional ambitions. Macau, the world's biggest gambling hub by turnover, has an uncertain near-term outlook as China pushes the territory to diversify away from gaming to curb capital outflow and money laundering. And in 2020, Sands dropped plans to open a casino resort in Japan due to concerns over the terms of the country's legislation including the duration of gaming licences. Elsewhere, Thailand's government this month withdrew a bill to legalise casinos as political turmoil deepens, although Dumont reiterated that Sands would consider a potential expansion into the country. 'It would be a very different development than anything that would happen here in Singapore,' he said. 'If the opportunity is right, we'll consider it.' As well as selling its Las Vegas properties, Sands' push to streamline its operations has also led it to abandon a bid to develop a New York casino, partly over concerns that rising online betting would hurt the property.
Yahoo
18 hours ago
- Business
- Yahoo
Current economic headwinds do not dampen outlook for new MBS building: Las Vegas Sands president
SINGAPORE – Consumer spending in the Asia-Pacific is currently dampened due to geopolitical factors, but Las Vegas Sands' Patrick Dumont remains unfazed about long-term business projections for the upcoming Marina Bay Sands (MBS) development. 'We think in 10, 20-year terms,' said Mr Dumont, who is the president and chief operating officer at Las Vegas 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. MBS' 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. '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 groundbreaking 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. 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's 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.' 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. 'We'll 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'll provide.' Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Straits Times
19 hours ago
- Business
- Straits Times
Current economic headwinds do not dampen outlook for new MBS building: Las Vegas Sands president
SINGAPORE - Consumer spending in the Asia-Pacific is currently dampened due to geopolitical factors, but Las Vegas Sands' Patrick Dumont remains unfazed about long-term business projections for the upcoming Marina Bay Sands (MBS) development. 'We think in 10, 20-year terms,' said Mr Dumont, who is the president and chief operating officer at Las Vegas 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. MBS' 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 numerous high-end restaurants. '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 groundbreaking 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. 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's very important for us to continue to invest and grow our capabilities, to maintain leadership in the is the next evolution in high value tourism investment.' The focus on targeting 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. 'We'll 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'll provide.'
