Casino operator Las Vegas Sands Corp on Wednesday announced it has secured a new delayed draw term loan facility in aggregate principal amount of up to S$3.75 billion (US$2.7 billion).
According to an SEC filing, the loan will be used to finance project costs associated with the expansion project for Marina Bay Sands pursuant to the development agreement with the Singapore Tourism Board dated as of April 3, 2019.
Termination for the new loan facility is August 31, 2026, and will be subject to interim quarterly amortization payments, beginning with the fiscal quarter ending March 31, 2025.
In April, the Singapore government announced it has approved the first major expansion of its integrated resort industry since its two IRs began operating, involving S$9 billion ($6.65 billion) new investment in non-gaming amenities.
In a statement, the Ministry of Trade and Industry and the Ministry of Finance said the investment from Las Vegas Sands and Genting Singapore would create 5,000 new jobs and bring in an extra half a million visitors a year.
The additional investment by the IRs is almost two-thirds their initial investment in 2006 (of about S$15 billion). In view of the substantial investment, the government has extended the exclusivity period of the licenses to the end of 2030.
It has also allowed each of the two IRs — Marina Bay Sands and Resorts World Sentosa — to increase their total allowed gaming space and the number of gaming machines they can operate. MBS will be able to dedicate a further 2000 sqm to gaming and will be able to up its total number of gaming machines from 2,500 to 3,500. RWS will have an extra 500 sqm of gaming space and a further 800 machines.