Marina Bay Sands is looking to secure a colossal SG$12 billion (US$9 billion) loan, potentially establishing the largest financing case in Singapore’s history. The ambitious amount is understood to fund the expansion plans for the company’s casino resort located in the city-state.
DBS Group Holdings Ltd, Malayan Banking Bhd, Oversea-Chinese Banking Corp, and United Overseas Bank Ltd are said to be orchestrating the loan, as per sources who chose to remain unnamed due to the confidential nature of the information. With a tenor of seven years, the sizable loan is set to be syndicated to various lenders. Negotiations regarding the exact terms are ongoing, and the final details may yet shift, sources said.
The loan’s objective is to refinance an existing SG$4 billion seven-year loan that was initiated in August 2019, and secondly, to aid in the financing of the proposed expansion of Marina Bay Sands’ integrated resort—an initiative that has seen costs more than double since its inception.
The parent company, Las Vegas Sands Corp, declined to comment on the deal, while a representative from Marina Bay Sands stated there is no further information available at this point. The projected cost of expanding the Singapore casino resort now stands at a staggering $8 billion, a significant increase from the roughly $3.4 billion estimate generated in 2019.
This ambitious extension of Marina Bay Sands resort is due for completion in early 2031, pending government approval. Additional features planned as part of the development include a 15,000-seat arena intended for live entertainment, a conference space, and a new fourth tower.
The previous record for a syndicated loan in Singapore was set at SG$9.3 billion in 2012, obtained to finance the acquisition of food and beverage manufacturer Fraser & Neave Ltd by TCC Assets Ltd, owned by Thai billionaire Charoen Sirivadhanabhakdi.
