Friday, February 18, 2011

We want to expand MBS, say bosses of parent company

Feb 17, 2011
By Ng Kai Ling

LESS than a year after Marina Bay Sands (MBS) opened its doors, its bosses are already thinking of expanding if given the opportunity.

'We are already running out of meetings, incentives, conventions and exhibitions (Mice) space,' said Mr Sheldon Adelson, chairman of parent company Las Vegas Sands (LVS).

'I've told the Government that we need some more land to expand the Mice space...if they want to give me ten times more land, I won't turn it down.'

He was speaking on Thursday at a press conference before the grand opening of the integrated resort (IR). It had its soft launch last April.

LAs Vegas Sands' chief operating officer Michael Leven told the media that Singapore will need more hotel rooms to accommodate the 17 million annual visitors it aims to attract by 2015.

'Demand is going to be higher than supply very shortly as the entire hospitality industry is running at over 80 per cent occupancy,' said Mr Leven, who is eyeing two plots in the Marina Bay area for hospitality developments.

[Propose to offer the land to them on a 30 year lease, with option to renegotiate the lease at the end of 30 years. Sure, they took the risk to set up, but the risk was relatively low. They have first-mover advantage, but we should not let them entrenched themselves. So a 30 yr lease. Extension to be negotiated at the time.]

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