Published on: October 9, 2025, 11:55 AM.
Updated on: October 9, 2025, 11:55 AM.
- Marina Bay Sands’ $8 billion expansion is projected to enhance operator’s profitability.
- This development could allow Las Vegas Sands to lower its debt levels, according to Moody’s.
Las Vegas Sands (NYSE: LVS) has initiated an ambitious $8 billion expansion of its Marina Bay Sands casino resort in Singapore—marking it as one of the gaming industry’s most significant undertakings—and the completed project is anticipated to yield favorable outcomes for stakeholders.
A recent report by Moody’s Investors Service indicates that the expansion of Marina Bay Sands could significantly increase foot traffic to the integrated resort, thereby elevating the operator’s earnings per share (EPS) and offering a route for the firm to mitigate its leverage.
“We believe that the completion of this property will lead to a substantial increase in visitors to MBS and, consequently, notable earnings and a greater capacity to lower leverage,” as stated by the ratings agency.
Moody’s currently assigns Sands a rating of “Baa3”, which is just above junk status, with a “stable” outlook attributable to Sands’ robust liquidity and the potential for improvements in EPS and free cash flow that could aid in debt reduction. This year, Sands has allocated approximately $2.2 billion towards the project, with $5.88 billion remaining on a specific delayed draw term loan for Singapore, according to Moody’s.
The Significance of the Singapore Casino Expansion for Sands
This $8 billion advancement at an existing gaming venue exceeds the cost of any newly constructed casinos in the U.S. For that investment, Sands could feasibly develop two new integrated resorts along the Las Vegas Strip; however, the investment in Singapore may prove to be highly beneficial.
Marina Bay Sands, already one of the most lucrative casino hotels globally, is gaining traction. It operates within a duopoly alongside Genting’s Resorts World Sentosa, yet recent data reveals that the Sands property is increasing its market share ahead of its competitor. The EBITDA for Marina Bay Sands in Q2 was so impressive that it might surpass the total annual results for Resorts World Sentosa.
As noted by Moody’s, the EBITDA for MBS in 2024 is projected to exceed the record $2.05 billion set in 2019, prior to the COVID-19 pandemic.
“The strong performance of Singapore has persisted into 2025,” continues the research firm.
Details of the Singapore Casino Expansion
As reported by Casino.org’s Devin O’Connor in July, the scale of the Marina Bay Sands expansion is noteworthy, featuring a new 55-story tower. This will add 570 suites, additional pools, restaurants, and both communal and private spaces.
Other new developments include a 15,000-seat entertainment venue, 200,000 square feet dedicated to meetings, incentives, conventions, and exhibitions (MICE), along with high-end retail shops and spas. Singapore’s government values such non-gaming amenities, as it aims for casino operators to attract guests with offerings beyond mere gambling.
In the gambling sector, Sands operates in two of the globe’s hottest markets—Macau and Singapore—and is “backed by the high quality, popularity, and favorable reputation of its casino establishments,” as mentioned by Moody’s.