A few changes are coming to the Marina Bay Sands in Singapore, with the operator set to spend $1 billion to revitalize the facility. The plan marks the largest reinvestment for the property since it started offering services in 2010.
The new changes are separate from a S$4.5 billion project announced three years ago in 2019. With the new investment plan, the Marina Bay Sands will add an ultra-luxury hotel space, additional MICE space, and more options for entertainment. All the changes will be located adjacent to the current resort.
Luxury Additions to the Casino Resort
The main focus of the Marina Bay Sands revitalization project is luxury. The hotel will see an upgrade of all rooms and suites, creating a more comfortable experience. The process will be completed in phases within the year as well as in 2023. By using phases, the hotel can remain open to guests without having to shut down completely.
On the 55th floor of the hotel blocks of the property, signature experiences will be added. Guests will soon be able to enjoy luxury amenities including fine dining and Executive Club Lounge spaces. The operator will see the makeover focus on the luxury segment as this portion of the industry is expected to lead to the recovery of tourism.
The larger expansion project the casino announced in 2019 has been delayed for quite some time due to the onset of the COVID-19 pandemic. The operator has yet to announce how long the changes under this plan will take to complete.
Tiered Casino Tax System
As the Marina Bay Sands announces its new plans, the operator will soon be subject to a new tiered tax system. The Casino Control Act of Singapore was recently amended, bringing a new system to the region. The change will allow the casino resorts in Singapore to expand gambling operations and change how taxes are paid.
The legislation changes the 15% flat tax rate to 18% for any amount under $2.3 billion. Any amount above that number will be taxed at 22%. Premium gross gaming revenues will increase to 8% from 5% on the first $1.8 billion. The amount then grows to 12% after that.
Now that the venues will have to pay the higher tax rates, the two operators in the area will be allowed to keep their duopoly within the casino market until 2030 comes to an end. The licensing agreement also states that the tax rate will not increase again until 2032 begins.