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Marina Bay Sands
Marina Bay Sands is an integrated resort fronting Marina Bay in Singapore and a landmark of the city. At its opening in 2010, it was deemed the world's most expensive standalone casino property at S$8 billion (US$6.88 billion). The resort includes a 1,850-room hotel, a 120,000-square-metre (1,300,000 sq ft) meetings and conventions facility at Sands Expo & Convention Centre, a 74,000-square-metre (800,000 sq ft) luxury shopping mall, The Shoppes at Marina Bay Sands, an ArtScience museum, a 2,183-capacity theatre, the world's first floating Apple store, the world's first Louis Vuitton Island Maison, celebrity chef and signature restaurants, and a casino with 500 tables and 3,000 electronic gaming machines. The complex includes three towers topped by the Sands Skypark, a 340-metre-long (1,120 ft) skyway connecting the towers with a capacity of 3,902 people and a 150 m (490 ft) infinity swimming pool, set on top of the world's largest public cantilevered platform, which overhangs the north tower by 66.5 m (218 ft). The 20-hectare resort was designed by Moshe Safdie.
The resort is owned by Las Vegas Sands in agreement with the Singaporean authorities. Marina Bay Sands was originally set to open in 2009, but its construction faced delays caused by escalating costs of material and labour shortages from the outset exacerbated by the 2008 financial crisis. This pressured Las Vegas Sands to delay its projects elsewhere to complete the integrated resort. Its owner decided to open the integrated resort in stages, and it was approved by the Singapore authorities. The resort and SkyPark were officially opened on 23 and 24 June 2010 as part of a two-day celebration, following the casino's opening on 27 April that year. The SkyPark opened the following day. The theatre was completed in time for the first performance of Riverdance on 30 November. The indoor skating rink, which uses artificial ice, opened to a performance by Michelle Kwan on 18 December. The ArtScience Museum opened to the public and the debut of a 13-minute light, laser and water show called Wonder Full on 19 February 2011, marked the full completion of the integrated resort.
The opening of Marina Bay Sands was held on 17 February 2011. It also marked the opening of the seven celebrity chef restaurants. The last portion of the Marina Bay Sands, the floating pavilions, were finally opened to the public when the two tenants, Louis Vuitton and Pangaea Club, opened on 18 and 22 September 2011, respectively. The property is currently being expanded to include a fourth hotel tower, an arena and additional convention space.
Marina Bay Sands is one of two winning proposals for Singapore's first integrated resorts, the other being the Resorts World Sentosa, which incorporates a family-friendly Universal Studios Theme Park (Universal Studios Singapore). The two large-scale resorts were conceived to meet Singapore's economic and tourism objectives for the next decade and will have 30-year casino licenses, exclusive for the first ten years. Bidders were assessed based on four criteria: tourism appeal and contribution, architectural concept and design, development investment, and strength of the consortium and partners.
On 27 May 2006, Las Vegas Sands (LVS) was declared the winner with its business-oriented resort. LVS submitted its winning bid on its own. Its original partner City Developments Limited (CDL), with a proposed 15% equity stake, pulled out of the partnership in the second phase of the tender process. CDL's CEO, Kwek Leng Beng said his company's pullout was a combination of factors—such as difficulties in getting numerous companies he owns to comply in time, as well as reluctance of some parties to disclose certain private information in probity checks required by the Singapore government. However, Kwek was retained as an advisor for Sands' bid.
Las Vegas Sands initially committed to invest S$3.85 billion in the project, not including the fixed S$1.2 billion cost of the 6,000,000 square feet (560,000 m2) site itself. With the escalating costs of materials, such as sand and steel, and labour shortages owing to other major infrastructure and property development in the country, Sheldon Adelson placed the total cost of the development at S$8.0 billion as of July 2009.
Las Vegas Sands declared the undertaking as "one of the world's most challenging construction projects and certainly the most expensive stand-alone integrated resort property ever built". It expected the casino to generate at least $1 billion in annual profit. Two months after the initial phased opening, the casino was attracting around 25,000 visitors daily, about a third being Singaporeans and permanent residents who paid a $150 daily entry levy or $3,000 for annual unlimited access. Half a million gamblers passed through the casino in June 2010. In the third quarter of 2012, the revenues of the Marina Bay Sands fell almost 28 per cent from a year earlier.
For the economy, Marina Bay Sands was projected to stimulate an addition of $2.7 billion or 0.8% to Singapore's Gross Domestic Product by 2015, employing 10,000 people directly and 20,000 jobs being created in other industries.
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Marina Bay Sands
Marina Bay Sands is an integrated resort fronting Marina Bay in Singapore and a landmark of the city. At its opening in 2010, it was deemed the world's most expensive standalone casino property at S$8 billion (US$6.88 billion). The resort includes a 1,850-room hotel, a 120,000-square-metre (1,300,000 sq ft) meetings and conventions facility at Sands Expo & Convention Centre, a 74,000-square-metre (800,000 sq ft) luxury shopping mall, The Shoppes at Marina Bay Sands, an ArtScience museum, a 2,183-capacity theatre, the world's first floating Apple store, the world's first Louis Vuitton Island Maison, celebrity chef and signature restaurants, and a casino with 500 tables and 3,000 electronic gaming machines. The complex includes three towers topped by the Sands Skypark, a 340-metre-long (1,120 ft) skyway connecting the towers with a capacity of 3,902 people and a 150 m (490 ft) infinity swimming pool, set on top of the world's largest public cantilevered platform, which overhangs the north tower by 66.5 m (218 ft). The 20-hectare resort was designed by Moshe Safdie.
The resort is owned by Las Vegas Sands in agreement with the Singaporean authorities. Marina Bay Sands was originally set to open in 2009, but its construction faced delays caused by escalating costs of material and labour shortages from the outset exacerbated by the 2008 financial crisis. This pressured Las Vegas Sands to delay its projects elsewhere to complete the integrated resort. Its owner decided to open the integrated resort in stages, and it was approved by the Singapore authorities. The resort and SkyPark were officially opened on 23 and 24 June 2010 as part of a two-day celebration, following the casino's opening on 27 April that year. The SkyPark opened the following day. The theatre was completed in time for the first performance of Riverdance on 30 November. The indoor skating rink, which uses artificial ice, opened to a performance by Michelle Kwan on 18 December. The ArtScience Museum opened to the public and the debut of a 13-minute light, laser and water show called Wonder Full on 19 February 2011, marked the full completion of the integrated resort.
The opening of Marina Bay Sands was held on 17 February 2011. It also marked the opening of the seven celebrity chef restaurants. The last portion of the Marina Bay Sands, the floating pavilions, were finally opened to the public when the two tenants, Louis Vuitton and Pangaea Club, opened on 18 and 22 September 2011, respectively. The property is currently being expanded to include a fourth hotel tower, an arena and additional convention space.
Marina Bay Sands is one of two winning proposals for Singapore's first integrated resorts, the other being the Resorts World Sentosa, which incorporates a family-friendly Universal Studios Theme Park (Universal Studios Singapore). The two large-scale resorts were conceived to meet Singapore's economic and tourism objectives for the next decade and will have 30-year casino licenses, exclusive for the first ten years. Bidders were assessed based on four criteria: tourism appeal and contribution, architectural concept and design, development investment, and strength of the consortium and partners.
On 27 May 2006, Las Vegas Sands (LVS) was declared the winner with its business-oriented resort. LVS submitted its winning bid on its own. Its original partner City Developments Limited (CDL), with a proposed 15% equity stake, pulled out of the partnership in the second phase of the tender process. CDL's CEO, Kwek Leng Beng said his company's pullout was a combination of factors—such as difficulties in getting numerous companies he owns to comply in time, as well as reluctance of some parties to disclose certain private information in probity checks required by the Singapore government. However, Kwek was retained as an advisor for Sands' bid.
Las Vegas Sands initially committed to invest S$3.85 billion in the project, not including the fixed S$1.2 billion cost of the 6,000,000 square feet (560,000 m2) site itself. With the escalating costs of materials, such as sand and steel, and labour shortages owing to other major infrastructure and property development in the country, Sheldon Adelson placed the total cost of the development at S$8.0 billion as of July 2009.
Las Vegas Sands declared the undertaking as "one of the world's most challenging construction projects and certainly the most expensive stand-alone integrated resort property ever built". It expected the casino to generate at least $1 billion in annual profit. Two months after the initial phased opening, the casino was attracting around 25,000 visitors daily, about a third being Singaporeans and permanent residents who paid a $150 daily entry levy or $3,000 for annual unlimited access. Half a million gamblers passed through the casino in June 2010. In the third quarter of 2012, the revenues of the Marina Bay Sands fell almost 28 per cent from a year earlier.
For the economy, Marina Bay Sands was projected to stimulate an addition of $2.7 billion or 0.8% to Singapore's Gross Domestic Product by 2015, employing 10,000 people directly and 20,000 jobs being created in other industries.