Marina Bay Sands Seeking $9 Billion Loan for Resort Expansion

Las Vegas Sands’ Marina Bay Sands is reportedly planning to secure an SG$12 billion (US$9 billion) loan facility to finance the ambitious expansion at the Singapore casino resort. Should the pursuit be successful, it would mark the largest syndicated loan in the country’s history. The current record of SG$9.3 billion (US$6.9 billion) is for the acquisition of Fraser & Neave Ltd. in 2012. This comes just weeks after Las Vegas Sands revealed a US$8 billion budget for the property expansion.

Loan Details

Malayan Bank, DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation are currently arranging the loan facility, which carries a seven-year tenor. The amount will primarily refinance an existing US$4 billion loan from August 2019 and cover costs for the project.

Initially estimated at US$3.4 billion, the Marina Bay Sands expansion now carries a projected budget of $8 billion – more than double the previous estimate. Marina Bay Sands expressed that it had “no further information to provide at this time” when approached for comments by a news source. Its parent company, Las Vegas Sands, declined to comment.

Expansion Details

The expansion project, dubbed “Marina Bay Sands IR2”, is expected to begin commercial operations by early 2031. The new phase will mainly focus on adding a fourth tower to the resort, which will boast its own world-class amenities, such as:

• Over 570 luxurious suites
• A 15,000-seat area for live events
• An expanded casino floor
• A rooftop garden.
• Over 110,000 sq ft of MICE (Meetings, Incentives, Conferences, and Exhibitions) space
• Multiple retail outlets, bars, and restaurants

There’s also an ongoing redevelopment project of its existing facilities scheduled to end in mid-2025. These additions will cement Marina Sands Bay as a leading entertainment destination globally.

Post-Upgrade Expectations

Las Vegas Sands outlined expectations to achieve an annual EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of US$3.5 billion once the resort expansion is complete. As of Q3 2024, the year-on-year EBITDA sat at US$2.06 billion and is expected to rise to US$2.5 billion before the project begins.

The Marina Bay Sands expansion attests to the resort’s dedication to maintaining its premium status. Once the new facilities are complete, the resort is anticipated to boost Singapore’s reputation as a global luxury, business, and entertainment destination.