Marina Bay Sands (MBS) said Friday it will make an additional upfront payment of US$1 billion to the Singapore Tourism Board (STB) in relation to recent revisions made to its design for its upcoming expansion project, dubbed MBS IR2.
This is in addition to an initial upfront payment of US$963 million made in 2019, when the expansion project was first announced, to lease the associated parcels of land from the STB through 21 August 2066.
According to a filing from parent firm Las Vegas Sands, MBS and the STB on 8 January entered into a Second Supplemental Agreement under which the company has committed to assume liability for the cost of the land…
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