JPMorgan Sees Bright Future for Las Vegas Sands’ Singapore Growth

Las Vegas Sands’ big $8 billion growth plan for Marina Bay Sands (MBS) in Singapore has caught the eye of JPMorgan analyst Joseph Greff. At a presentation for investors, Greff pointed out how this project could boost Las Vegas Sands’ standing in the profitable Asian gaming scene and increase its earnings over time.

MBS Expansion to Elevate Luxury and Entertainment with Projected $3.5B EBITDA

Called MBS Integrated Resort 2, the second stage of expansion will launch in January 2031. This growth plan includes 570 high-end suites, an arena seating 15,000 people, and a vast 110,000 square feet for meetings and conventions. The project aims to boost Marina Bay Sands’ status as a top spot for luxury stays and entertainment in the area.

In his review, Greff pointed out that MBS has an influence on EBITDA growth of 24% compared to 2019, with a 29% rise over the past 12 months. This success stems from robust mass-market gaming income, which has jumped 48% compared to levels before the pandemic making up 69% of gaming revenue in Q3. High-end gaming options have also played a big part helped by new game types like Dragon Tiger Baccarat and cutting-edge tech such as AI-enhanced smart tables.

The investment is part of a wider $1.75 billion capital reinvestment plan to boost MBS’s draw for wealthy travelers and business guests. Greff noted that the bigger property could bring in over $3.5 billion in yearly property-level EBITDA up from the current $2.5 billion.

Las Vegas Sands Rides Singapore’s Economic Wave with MBS at the Forefront

Singapore’s gaming and tourism market keeps growing backed by a rise in top-tier foreign visitors and strong economic growth in the Asia-Pacific area. Gross gaming revenue in Singapore has gone up 38% from 2019 levels hitting $5.7 billion in the last year. The region’s overall economic growth from countries that add a lot to global GDP, has supported this trend.

MBS’s non-gaming revenue has also seen strong growth, with retail sales per square foot now 42% higher than in 2019. High-end shopping, fancy dining, and record profits from conferences and banquets have cemented MBS’s position as a key player in Singapore’s tourism industry.

Looking forward, JPMorgan kept its year-end 2025 price target for Las Vegas Sands shares at $60 crediting a big part of the valuation to its work in Singapore and Macau.

Greff showed faith that Las Vegas Sands will keep its momentum going, with new projects in Macau set to boost its performance in the region even more. With its groundbreaking services and big investments, MBS looks set to stay on top in high-end gaming and hospitality. This puts Las Vegas Sands in a good spot to keep doing well in the future.