The loan will be used for refinancing and to fund the expansion of the company’s integrated resort
MARINA Bay Sands has obtained a S$12 billion multi-tranche loan to fund a planned expansion of its casino resort in Singapore, according to a source familiar with the matter, marking the largest such financing in the city state ever.
DBS Group Holdings, Malayan Banking, OCBC and United Overseas Bank were the coordinating banks on the credit facility, which attracted 22 other lenders when it was syndicated to the broader market, the source said, who asked not to be named discussing private matters.
A representative at Marina Bay Sands said the company does not have “any information to provide at this time” when asked about the deal, while its parent Las Vegas Sands did not immediately respond to requests for comment sent outside normal working hours.
The loan will be used for refinancing and to fund the expansion of the company’s integrated resort, the cost of which is expected to balloon to US$8 billion from the original estimate of about US$3.4 billion made in 2019.
Marina Bay Sands’ expansion plans come as Singapore’s tourism industry has staged a sharp rebound since the pandemic. International visitor arrivals in the city state last year increased by 21 per cent to 16.5 million, led by tourists from China, Indonesia and India.
The previous syndicated loan record in Singapore was a S$9.3 billion facility signed in 2012, which financed the acquisition of food and beverage maker Fraser & Neave by Thai billionaire Charoen Sirivadhanabhakdi’s TCC Assets. BLOOMBERG
Share with us your feedback on BT’s products and services
