GGRAsia – LVS amends Marina Bay Sands credit facility

LVS amends Marina Bay Sands credit facility

Sep 01, 2014 Newsdesk Latest News, Singapore, Top of the deck

U.S.-based casino operator Las Vegas Sands Corp announced on Friday that its Singaporean subsidiary Marina Bay Sands Pte Ltd has completed an amendment and restatement of the credit facility for Marina Bay Sands casino resort (pictured).

The maturity of the existing credit facility has been extended to 2020.

The deal involved several lenders, including DBS Bank Ltd as agent and global coordinator, and Oversea-Chinese Banking Corp Ltd, United Overseas Bank Ltd and Malayan Banking Bhd as global coordinators.

It included amendments to the amortisation schedule and leverage covenant, among other changes, the gaming operator said in a filing to the U.S. Securities and Exchange Commission.

“The amendment and restatement extends our maturities through the end of the decade, which enhances our balance sheet strength and financial flexibility,” Las Vegas Sands chairman and chief executive Sheldon Adelson said in a statement.

He added: “Our unique convention-based integrated resort business model, coupled with our financial strength, represents a key competitive advantage as we pursue new integrated resort development opportunities around the globe.”

Las Vegas Sands, which also operates casinos in Macau and the United States, has shown strong interest in investing in Japan if casino gaming is legalised there. Japanese Prime Minister Shinzo Abe toured the Marina Bay Sands during an official visit to Singapore in May.

Las Vegas Sands has also filed a request to the Singapore government for land to build more hotel rooms at Marina Bay Sands, Bloomberg reported in March. The company wants to add 1,500 rooms to the 2,560 existing ones, and also add more meeting room, ballroom and exhibition space.

In Macau, subsidiary Sands China Ltd is building the Parisian Macao, its fourth casino resort in Cotai and its fifth property in the Macau market. Its first, casino hotel Sands Macao, opened in the traditional downtown casino zone in May 2004.