LVS secures US$9m loan for refinancing and Marina Bay Sands expansion

Las Vegas Sands plans to use part of the loan to fund the expansion of its integrated resort.

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

According to Bloomberg, the loan was coordinated by DBS Group Holdings, Malayan Banking, OCBC and the United Overseas Bank. Some 22 other lenders were involved when the loan was syndicated to the broader market.

On February 11, Las Vegas Sands (LVS) announced in its annual report that the MBS expansion will 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. The extension will need the approval of the Singapore government.

In January, LVS 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.

See also: Marina Bay Sands forecasts 40% EBITDA growth after IR expansion

Las Vegas Sands plans to use part of the loan to fund the expansion of its integrated resort. Singapore.- Las Vegas Sands has reportedly secured a loan of SG$12bn (US$9m),…