Marina Bay Sands is reportedly seeking Singapore’s largest loan, totaling some SG$12 billion ($9 billion) to help fund the expansion of its integrated resort in the city.
According to Bloomberg, the loan is being coordinated by DBS Group Holdings, Malayan Banking Bhd (Maybank), Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank Ltd (UOB).
The terms have reportedly not yet been finalized, but the facility carries a term of seven years and will be syndicated to other financiers.
The proceeds will partially be used to refinance an SG$4 billion ($3 billion) seven-year loan from August 2019 and help fund MBS’ expansion. This comes as the cost of the expansion has risen to around $8 billion, up from a $3.3 billion estimate in 2019.
The expansion, entitled MBS IR2 (Integrated Resort 2), includes a fourth hotel tower with over 570 rooms, expanded casino space, a 15,000-seat arena, a sky roof, and 110,000 square feet for MICE.
Patrick Dumont – President and COO of the parent company of Marina Bay Sands, Las Vegas Sands – announced in the group’s most recent financial results conference call that “this is going to be the most important gaming and hospitality building in the world. It’s going to be the best hotel in the world”.
The expansion includes approximately $4.7 billion for design and construction, $2 billion for land premiums, and $1.3 billion for pre-opening and finance costs.
Construction of the fourth tower is scheduled to commence in June 2025 and is expected to be completed by June 2030, with an estimated official opening in January 2031.
