Marina Bay Sands is said to have secured a SG$12 billion (US$9 billion) multi-tranche loan for its planned US$8 billion IR2 expansion project, according to a Bloomberg report. The loan is said to be the largest such transaction in Singapore’s history.
While there has not yet been any confirmation from MBS or its parent company Las Vegas Sands, the report claims the loan has been coordinated by a syndicate of four banks – DBS Group Holdings Ltd, Malayan Banking Bhd, Oversea-Chinese Banking Corp and United Overseas Bank Ltd – and comprises a total of 22 lenders.
The funds will be primarily utilized to pay for the company’s US$8 billion expansion, which will see a fourth tower added to the existing MBS structure. Dubbed “Marina Bay Sands IR2”, 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.
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