One of Singapore‘s multi-million dollar integrated resorts, Marina Bay Sands (MBS) opened in 2010 and has now reached an incredible 500 million visitor milestone.
In a social media post, MBS said the “historic milestone” reflects its “efforts to transform the property and redefine guest experiences.” According to the brand, more than 1.2 million people attended MICE (meetings, incentives, conferences and exhibitions) events held at the venue in 2024.
MBS’s “outstanding performance” for the year was “marked by record financial success,” it said in its LinkedIn post. Earnings before interest, taxes, depreciation and amortization (EBITDA) surpassed $2 billion “for the first time.”
Recent renovation
The Moshe Safdie-designed integrated resort recently underwent a $1.75 billion renovation, some of which, about $9 billion, was part of a redevelopment required by its gaming concession from the local government.
By 2030, MBS will add a luxury hotel with VIP “games in the sky,” a 15,000-capacity concert arena, and a new convention space.
MBS is a resort owned by Las Vegas Sands. Its only competitor in the market, Resorts World Sentosa, a Genting Singapore property, is undergoing a $6.8 billion redevelopment.
Tourism on the rise
The renovation projects are helping to boost tourism. By September 2024, Singapore was expected to welcome 16.5 million visitors, a 21% increase from 2023.
The strong performance was “an affirmation of the industry’s efforts to upgrade our products and experiences,” said Melissa Ow, CEO of the Singapore Tourism Board. “These efforts have elevated Singapore’s destination appeal and strengthened the industry’s capabilities and competitiveness.”
Mainland China was the largest food market, along with India, Indonesia and Australia. Growing markets included Japan, Taiwan, the UK and the US.
Singapore projects an even better 2025
Tourism officials are expecting even better results in 2025. The Tourism Analytics Network projects that between 17 million and 18.5 million international travelers will come to Singapore this year. They are expected to spend up to $30.5 billion.
In a statement, tourism authorities acknowledged “potential headwinds arising from geopolitical tensions and macroeconomic challenges.” However, they remain focused on “accelerating the growth of quality tourism.”
