Marina Bay Sands — the Singapore casino resort owned by Las Vegas Sands Corp. (NYSE: LVS) — is seeking up to $5.86 billion in financing, marking its first loan market entry since 2012. The move is expected to test lenders’ risk appetite.
The company last raised $3.71 billion in 2012 from 28 lenders, extending maturities twice — first to 2020, then to September 2023 and March 2024. This new round would help fund a $2.91 billion fourth tower at the resort, as well as refinance existing debt. If completed, the tower could open by mid-2023 and generate more than $900 million in revenue by 2024.
Moody’s Investors Service maintains a Ba1 rating with a positive outlook on Sands, noting the expansion is “credit positive.” Still, challenges loom: some Asian banks avoid lending to casino operators, and insiders believe Sands will need to rely on existing lender relationships rather than attracting new participants.
Sands’ pursuit of fresh financing coincides with its bid for a coveted gaming license in Japan. Observers suggest the company could use Singapore’s expansion as a showcase of its operational strength, particularly as Japan looks to the “Singapore model” for integrated resorts.
Asia remains the company’s key profit driver. In Q1, LVS reported $1.45 billion in EBITDA, with Singapore accounting for 29% and Macau representing an even larger share.
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