Singapore casinos: Marina Bay Sands reportedly seeking US$9m loan

The company plans to use the loan to fund the expansion of its integrated resort.

Singapore.- Marina Bay Sands (MBS) is reportedly looking to secure a loan of approximately SG$12bn (US$9m), which would represent the largest financing deal in Singapore’s history. The credit would partially refinance an SG$4bn (US$3bn) facility from 2019 along with the development of the second phase of the integrated resort, which has seen projected costs rise from an original estimate of US$3.4bn in 2019 to US$8bn.

Bloomberg reports that DBS Bank, OCBC Bank, Malayan Banking, and UOB are involved in coordinating the deal. The arrangement, spanning seven years, is expected to be offered to additional lenders, although final terms remain under discussion.

Dubbed MBS IR2, the second phase of MBS will feature the development of the Marina Bay Sands Tower IV, with 570 rooms and additional casino space. The fourth tower will also feature a 15,000-seat entertainment arena, augmenting MBS’s capacity for events and concerts, dedicated space for MICE tourism and new food and beverage options and nightlife attractions. The project received approval from Singapore’s authorities earlier this year. The estimated completion date is early 2031.

Marina Bay Sands revenue down 9.5% in Q3

Las Vegas Sands has reported that MBS net revenue was down 9.5 per cent year-on-year, to US$919m. The figure was also down 9.89 per cent from the second quarter of the year. Casino revenue was down 16.33 per cent year-on-year from US$698m to US$600m and rolling chip volume by 19.5 per cent to US$6.55bn. Non-rolling chip drop was up 9.8 per cent at US$2.12bn. The slot handle was down 8 per cent at US$5.85bn.

Robert G. Goldstein, chairman and chief executive officer, said: “Although Marina Bay Sands was negatively impacted by low hold this quarter, the property continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for growth as travel and tourism spending in Asia expands.”