The Marina Bay Sands (MBS) casino resort (pictured) in Singapore is seeking a circa SGD12-billion (US$8.96-billion) loan amid planned expansion of the property, said business news outlet Bloomberg in a report published on Tuesday, citing people it did not identify, but who were said to be familiar with the matter.
GGRAsia approached the resort’s parent company, Las Vegas Sands Corp, regarding the report. The firm said it had no comment.
Bloomberg stated the seven-year syndicated loan was being coordinated by DBS Group Holdings Ltd, Malayan Banking Bhd, Oversea-Chinese Banking Corp and United Overseas Bank Ltd.
The loan would be used to refinance an existing SGD4-billion, seven-year, obligation dating from August 2019, as well as expansion of Marina Bay Sands, reported the news outlet, citing the sources. It added that the terms hadn’t been finalised yet and could change as negotiations continue.
Last month in an investor presentation published alongside Las Vegas Sands’ third-quarter earnings, the company said it planned to spend US$8.0 billion to develop the second phase of Marina Bay Sands.
The new phase – dubbed “MBS IR2″, standing for ‘integrated resort’ – will include a fourth tower with over 570 rooms, additional casino space, a 15,000-seat arena, a sky roof, retail, restaurants, and about 110,000 square feet (10,219 sq. metres) of space for meetings and exhibitions.
The price tag mentioned for the second phase of Marina Bay Sands is significantly higher than a US$3.3 billion investment in expansion, that was announced in 2019.
The latest investment figure comprises US$2.0 billion in total land premiums, and an estimated US$4.7 billion in design, construction and other related costs. Pre-opening and financing costs are estimated at US$1.3 billion, according to Las Vegas Sands
