Work is set to begin on The Marina Bay Sands resort in Singapore after the signing of a development agreement between Las Vegas Sands and the Singapore Tourism Board (STB) this week.

The agreement sees the handover of the Marina Bay site to Las Vegas Sands so the company can begin construction of what will be Singapore’s first integrated resort.

Las Vegas Sands won the right to develop the resort in May this year and is expected to invest more than US$3bn (£1.6bn, 2.4bn euro) in the project, which will include 2,500 hotel rooms; 1.2million sq ft (110,000sq m) of meetings, incentive, convention and exhibition (MICE) space; one million sq ft (93,000sq m) of retail space; three large entertainment venues; a casino and a 200,000sq ft (18,500sq m) arts and science museum.

"The development of The Marina Bay Sands is an important project for the STB, as well as for Singapore's tourism industry and economy,” said Lim Neo Chian, deputy chair and chief executive of the STB.

“Besides boosting Singapore's attractiveness as a destination, it is also key to our aim to grow the business travel and MICE industry and to draw more world class tourism investments to Singapore so as to achieve our Tourism 2015 vision."

"Based on our operating experience in this region, our proven MICE model and our established relationships with travel operators and MICE planners globally, we are confident that we will deliver on our promise to Singapore," said Sheldon G Adelson, chair and CEO of Las Vegas Sands Corp.

"Together with Singapore's reputation and track record in the industry, The Marina Bay Sands will become a powerful catalyst to propel Singapore's status as a leading MICE hub."

The resort is scheduled to open in 2009.

Elsewhere, Las Vegas Sands’ casino in Macao, Sands Macao, is now the largest in the world following the completion of its extension project.

The gaming floor now measure more than 229,000sq ft (21,300sq m) and boasts 740 tables and 1,254 slot machines.

"The Sands Macao has welcomed more than 20 million visitors since it opened in May 2004 as the first Las Vegas-style casino in Macao," said Mark Brown, president of the Sands Macao.

"The expansion will allow us to provide additional gaming options for our guests, while at the same time enticing new customers to visit our property.

“We are particularly enthused that the expansion will enable us to serve a larger portion of the highly profitable and rapidly expanding mass table game and slot markets. Our new table game capacity is aimed squarely at that mass market segment, and has allowed us to expand our mass table game capacity by nearly 70 percent."

Bradley H Stone, executive vice president of Las Vegas Sands Corp added: "Looking ahead, the opening of The Venetian Macao next year will mark the presence of the first true integrated resort in Macao and will be followed by the opening of the rest of the Cotai Strip, which will provide visitors an experience not replicated anywhere else in Asia." Details: www.lasvegassands.com

Photograph: Artist’s impression of the Las Vegas Sands Arts and Science Museum, Singapore