Marina Bay Sands Pte Ltd, the operating entity of Singapore integrated resort Marina Bay Sands, has secured a SG$12 billion (US$9 billion) credit facility agreement with lenders for the development of its IR2 expansion project.
The company outlined details of the facility agreement in a filing overnight, which incorporates a SG$3.75 billion (US$2.8 billion) term loan, a SG$750 million (US$560 million) revolving credit facility and a SG$7.5 billion (US$5.6 billion) term loan facility.
The “2025 Singapore Credit Facility Agreement” was officially executed on 21 February, MBS added.
Under the terms of the credit facility, MBS has 77 months after the first drawdown of facilities to access the full amount of the SG$750 million revolving credit facility. For the SG$7.5 billion term loan facility, MBS must access the loan at the earlier of the date upon which it is issued a temporary occupation permit by the Singapore Tourism Board (STB), the date which MBS and the STB agree MBS must complete construction of the MBS Expansion Project, or within 84 months of the closing date.
In its filing, MBS said the proceeds from the Term Loan Facility and the Revolving Facility “may be used … to refinance outstanding indebtedness of the Borrower, pay certain fees, expenses and accrued interest, make dividend payments and for general corporate purposes of the Borrower.
“The proceeds from the Delayed Draw Term Loan Facility may be used by the Borrower to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.”
MBS revealed last year that its “Marina Bay Sands IR2” expansion project will cost around US$8 billion and include construction of a fourth hotel tower at its iconic Singapore resort.
The fourth tower will boast its own casino amenities, including a main casino area in the podium plus “sky gaming” in the new tower, as well as 570 luxury suites, a 15,000-seat arena, 110,000 square feet of MICE space, its own SkyPark and high-end F&B.
The US$8 billion costing is two-and-a-half times more than the original US$3.3 billion investment announced in 2019.
Construction is slated to begin by June this year with an estimated opening date of 1 January 2031.
