The Sands China Limited subsidiary of American casino giant, Las Vegas Sands Corporation, has reportedly announced that it has agreed an unsecured revolving credit facility with a syndicate of lenders worth some $2 billion.
Resource available until mid-2023:
According to a report from GGRAsia citing an official Tuesday filing (pdf) from the Macau-based operator, the new resource was secured with the help of Bank of China Limited Macau and is to be available until the end of July 2023. The casino giant also explained that the arrangement involved the cancellation of an analogous deal its own VML US Finance LLC subordinate had earlier secured and will require it to ‘maintain a maximum leverage ratio and a minimum interest coverage ratio.’
Read the filing from Sands China Limited…
“The borrower may draw loans under the revolving facility from time to time, which may consist of general revolving loans consisting of a United States dollar component and a Hong Kong dollar component or loans drawn under a swing-line loan sub-facility denominated in either United States dollars or Hong Kong dollars, in each case, for general corporate purposes and working capital requirements of the borrower and its subsidiaries.”
Funds to aid The Londoner Macao project:
Sands China is responsible for The Venetian Macao, The Plaza Macao, Sands Macao and The Parisian Macao properties while last year saw it unveil a plan to re-brand its nearby Sands Cotai Central venue as The Londoner Macao. The Hong Kong-listed firm earlier declared that approximately $1.35 billion of the new credit facility could be utilized for this project with work expected to begin after early-February’s Chinese New Year holiday followed by a ‘phased completion throughout 2020 and 2021.’
Cotai Strip hotel expansion:
For its part, Las Vegas Sands Corporation used an October 24 conference call concerning its third-quarter financial results to detail that it would be doubling the capital infrastructure budget for its venues on the Cotai Strip to $2.2 billion. It revealed that approximately $400 million of this would be earmarked for the addition of 370 rooms to Sands Cotai Central’s St Regis Tower Suites Macao with an ‘anticipated completion’ date during the first quarter of 2020.
Executive receives a pay rise:
GGRAsia reported that the giant Las Vegas-headquartered firm additionally declared that it will be boosting the base salary of its President and Chief Operating Officer, Robert Goldstein, by some 32.4% to $4.5 million. The 62-year-old executive’s contract was purportedly due to expire at the end of next year but the new deal starting in January means that he will now be employed until the conclusion of 2024.