LVS confirms loan for Marina Bay Sands expansion
Las Vegas Sands has confirmed a facility agreement to fund the expansion of the integrated resort.
Singapore.- Las Vegas Sands has announced through a company filing that Marina Bay Sands (MBS) has secured a loan of SG$12bn (US$8.96bn), the largest in Singapore’s history. The credit facility agreement, which was executed on February 21, includes a SG$3.75bn (US$2.81bn) term loan, a SG$750m (US$560m) revolving credit facility and a SG$7.5bn (US$5.6bn) term loan facility.
The credit would partially refinance an SG$4bn (US$3bn) facility from 2019 and the development of the second phase of the MBS integrated resort, which has seen projected costs rise from an original estimate of US$3.4bn in 2019 to US$8bn.
Under the terms of the credit facility, the casino operator has 77 months after the first drawdown of facilities to access the full amount of the revolving credit facility. For the term loan facility, access is available until 30 days after the execution date.
On February 11, LVS announced in its annual report that the MBS expansion would be completed by June 2030 with an anticipated opening date in January 2031. That would mean a delay from the previous target completion date of July 8, 2029.
In January, LVS had agreed to pay US$1bn to Singaporean authorities after entering into an agreement with the Singapore Tourism Board (STB) for changes to the project. The company said it aimed to increase the overall gaming area allocation for the expansion project, among other amendments.
The expansion plan was initially announced in 2019. The deadline has been pushed back several times due to construction risks. LVS has reported that the renovation of Towers I and II of the IR is now complete.
