Famed casino operator Las Vegas Sands is already making a move to conquer the Asian market after it secured a loan worth a mindblowing $2.71 billion to fund its expansion effort in Singapore.
The development was discovered in a filing to the Securities and Exchange Commission (SEC).
This funding comes after an announcement made by the firm founded by billionaire Sheldon Adelson, that it was looking to finance further expansion at the Marina Bay Sands, which is a luxury resort complex and casino in Singapore, after finalizing an agreement with the country’s tourism board back in April.
The tourism board gave the green light to the company’s plans to grow in scale and size alongside the only other casino resort in Singapore — the Resorts World Sentosa, which is owned by Genting Singapore Ltd.
The Marina Bay Sands is already famous all over the world for its unique design of a ship floating on three towers that loom over the Singapore skyline. The resort is also home to the world’s largest infinity pool.
The first announcement made by Sands in June proposed that it was looking to secure a $6 billion investment in the hope of finishing expansion works “pursuant to [its] development agreement,” as agreed with the Singapore Tourism Board.
Despite funding getting smaller than the budget had originally requested, it is thought that this announcement to the SEC means that development would soon commence.
Robert Goldstein, who is the president and chief operating officer of Las Vegas Sands, said that he expects completion of the project by the 1st January 2024. In a speech made in July, he also expressed that the company was prepared to spend $3.3 billion to secure the expansion.
Data from the NASDAQ filing cites that the company has committed to expanding its current agreement with DBS Bank Ltd in an agreement that was inked on August 30th.
The current loan has now been raised from $180.74 million to $542.22 million, with a termination date of February 27, 2026. The company looks to have secured an annual fix rate of interest of 1.65% that changes to a variable rate from September 2020.
The filing also refers to the planned expansion, accepting that terms would change once a completion certificate has been made. This allows the company two years for any delays.
As of yet, no plans have been forwarded as to what the design of the new Marina Bay Sands would look like. However, through its settlement with the tourism board, the casino would be permitted to expand by up to 15,000 square meters. This is equal to an estimated 1,000 more electronic gaming machines.
