Two iconic Singapore casino resorts are set to embark on their second phase of development, with a combined investment exceeding S$10bn ($7.4m), reported Nikkei Asia.

The expansion of these resorts, Marina Bay Sands and Resorts World Sentosa, marks a significant phase in the city-state's tourism and economic development.

The Ministry of Trade and Industry highlighted that these resorts had contributed "1% to 2%" to the annual gross domestic product, with tourist arrivals doubling to 19.1 million from 2010 to 2019.

Genting Singapore, which operates Resorts World Sentosa, is preparing to tender out construction contracts by September this year for two new hotels, adding 700 rooms to Sentosa.

The company expects to commence building by the end of the year.

Marina Bay Sands, known for its distinctive rooftop, will see the addition of a fourth hotel tower.

Its parent company, Las Vegas Sands, has scheduled construction to start in July 2025, with a 15,000-seat arena among the planned facilities.

The completion target is set for July 2029.

The casino areas within both resorts, key revenue drivers, are also set to expand. Marina Bay Sands has been allocated an additional 2,000m² of floor space while Genting will expand by 500m².

These expansions were approved by the Singapore government in 2019 but faced delays due to the Covid-19 pandemic.

Originally estimated at S$4.5bn each in 2019, the investment costs have surged, largely attributed to inflation and other economic factors.

Genting's investment has risen by approximately 50% to S$6.8bn.

"The total project cost will materially exceed previous estimates," stated a Las Vegas Sands filing, pointing to "inflation, higher material and labour costs and other factors".

However, the two operators are proceeding with their plans as Singapore becomes more important in their business portfolios.