Las Vegas Sands Corp. (NYSE: LVS) has reportedly secured a $9 billion loan to fund the expansion of Marina Bay Sands (MBS) in Singapore—marking one of the largest corporate credit deals in the city-state’s history.
Speculation about the loan first surfaced in November, when a consortium of banks began marketing the deal to potential lenders. The financing was coordinated by DBS Group Holdings Ltd., Malayan Banking Bhd., Oversea-Chinese Banking Corp., and United Overseas Bank Ltd. According to Bloomberg’s Chien Mi Wong, citing unnamed sources, the syndicated loan ultimately drew interest from 22 additional lenders.
Massive Investment with Long-Term Potential
Despite the higher-than-expected budget, Las Vegas Sands expects the MBS expansion to deliver significant long-term value. The project will include a fourth hotel tower, expanded gaming space, retail areas, meeting facilities, and a 15,000-seat entertainment arena.
Marina Bay Sands continues to perform exceptionally well, with recent quarterly earnings reinforcing its status as one of the most profitable integrated resorts globally. Its position as one of just two licensed casinos in Singapore—under a government-protected duopoly—adds to its strategic importance.
“The results of Marina Bay Sands reflect the positive impact of our capital investment program and the growth of high-value tourism,” said Sands Chairman and CEO Robert Goldstein during a January earnings call. “As we complete the remainder of our investment program in the first half of 2025, we expect substantial growth opportunities ahead.”
President and CFO Patrick Dumont also emphasized Singapore’s strength as a luxury tourism hub, calling it an “incredibly strong and desirable market” that draws premium visitors.
Revised Timeline and Future Plans
Initially, the expansion was scheduled for completion by July 2029. The timeline has since been adjusted, with construction now expected to finish by June 2030 and an official opening planned for January 2031. The revision is partly due to updates required in the company’s agreement with the Singapore Tourism Board to accommodate the enlarged scope of the project.
Marina Bay Sands currently represents Sands’ only operational casino resort outside of Macau. However, the company continues to explore expansion opportunities in Thailand and is actively pursuing a license for a casino in New York.
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