Las Vegas Sands (LVS) on Wednesday announced a $3.3 billion expansion of its Marina Bay Sands in Singapore, adding a new 1,000-suite hotel tower and 15,000-seat arena.

“Marina Bay Sands is an iconic tourism destination that has exceeded all of our hopes in growing leisure and business tourism in Singapore and it is a privilege to receive the Singapore government’s continued support of its development,” Las Vegas Sands Chairman Sheldon Adelson said in a statement. “The property has achieved amazing success for both Singapore and our company and we plant to create even more with this expansion.”

Las Vegas Sands said the Singapore resort has attracted more than 330 million visitors since it opened in 2010. The company said the property has brought in more than 700 meeting, incentive, convention and exhibition events while its Sands Expo and Convention Centre hosted 3,680 events last year.

The hotel tower will include a sky roof with a swimming pool and dining, the company said. Work will start “quickly” but a timeline for completion wasn’t given.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with's FREE daily email newsletter.

“New luxury hotel accommodations and a world-class entertainment venue are exactly the catalysts we need to drive additional visitation to Singapore, and specifically to Marina Bay Sands,” said Rob Goldstein, Las Vegas Sands operating chief. “The expansion of our Singapore (integrated resort) is a key component of our company’s strategic growth plan and also reflects the strong tourism and business potential in Singapore. The additional hotel rooms are extremely important to us in addressing the demand created by our leisure and business tourists and our premium gaming customers.”

The Singapore Strait Times reported that Singapore’s government extended Marina Bay Sands’ gaming rights to 2030. The report said that the government will raise its levy on casinos to combat problem gambling. The daily levy will increase starting Thursday from 100 Singapore dollars ($73.90) to S$150 while the annual levy will rise to S$3,000 from S$2,000.

Just-released report names Cannabis Stock of the Year for 2019! Their last pick has seen a +1,200% return since he released it!

This stock has all of the makings of the next great cannabis stock – early-mover advantage, international exposure and influential partnerships, plus it has a product that is unlike anything else on the market…

You will also receive a free, weekly newsletter to stay on top of the latest industry trends, read analysis on promising cannabis stocks, and more. Click here to receive your Free Report immediately!