Marina Bay Sands renegotiates credit terms
Marina Bay Sands has amended the terms of a bank credit agreement which will enable the gaming group to push back the delivery of the Marina Bay Sands expansion construction schedule to March 31, 2022.
Singapore.- Marina Bay Sands has announced it has renegotiated the terms on a credit agreement with DBS Bank Limited for its expansion of Marina Bay Sands. The initial SGD8.67bn (US$6.44bn at current rates) was initially agreed in June 2012.
In its second-quarter report, the casino operator stated that as of June 30 2021, the available funds under the revolving loan were US$441m and SGD3.69bn under a Singapore delayed draw term facility “only used for capital expenditures for the expansion project of Marina Bay Sands.”
The renegotiation will allow it to push back the delivery of the Marina Bay Sands expansion construction schedule to March 31, 2022.
Other terms agreed include extending the exemption period for Marina Bay Sands operating entities by one year to December 31, 2022, to comply with financial leverage or interest coverage clauses.
In 2019, MBS said the expansion of the casino venue, including a hotel tower with a rooftop attraction, convention and meeting facilities, would be completed by 2023. However, the completion date was put back to 2024 and then 2025.
Standing bets allowed at table games
The government of Singapore has allowed casinos to resume taking standing bets at table games. Resorts World Sentosa and Marina Bay Sands have also been allowed to increase guest capacity from 25 per cent to 50 per cent of pre-pandemic levels at non-gaming attractions.
The Singapore Tourism Board (STB) said standing bets remain subject to safe management measures such as a 1-metre safe distance between individuals and a maximum of five people including seated and standing players, and the dealer.
Casino operators will have to follow “SG Clean” requirements for good personal and environmental hygiene habits.
