Wednesday, February 28, 2024
HomeNewsSingaporeMarina Bay Sands preparing to tap $7.4 bln in bank loans to...

Marina Bay Sands preparing to tap $7.4 bln in bank loans to fund expansion

Marina Bay Sands is planning to gather S$10 billion ($7.4 billion) in bank loans to expand its hotel and entertainment business, Bloomberg reported.

Las Vegas Sands insiders stated to Bloomberg that the group may start marketing the deal as early as next quarter, in a plan set to include the rollover of a delayed drawdown facility, refinancing of existing loans and new debt.

If completed, the deal could mark the biggest-ever syndicated loan in Singapore funded in the local dollar.

In an October filing, LVS revealed that the cost for the Singapore casino operator’s expansion plan, will “materially exceed” the initially estimated amount of S$4.5 billion ($3.3 billion) due to inflation, and higher material and labor costs.

The $3.3 billion expansion would include the construction of a new hotel tower with 1,000 rooms and suites, MICE facilities, a 15,000-seat arena, and a rooftop swimming pool.

Marina Bay Sands Expansion - Arena render
Marina Bay Sands Expansion – Arena render

At the time, the President and Chief Operating Officer of Las Vegas Sands, Patrick Dumont, stated in the group’s latest conference call that the works for the Marina Bay Sands new tower expansion should be initiated in around “six months to one year” depending on approvals

AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.