In Singapore and the local subsidiary of American casino giant, Las Vegas Sands Corporation, has reportedly launched a campaign in hopes of securing approximately $5.85 billion in financing to further develop its giant Marina Bay Sands property.
Ample attempt:
According to a Friday report from the Reuters news service, the endeavor from Marina Bay Sands Private Limited represents the second-largest syndicated venture of this kind ever to be attempted by a company in the Asian city-state and would encompass the refinancing of around $2.92 billion in debts left over from a successful similar 2012 undertaking then worth about $3.72 billion.
Prolific plans:
The news service reported that the Singapore arm of Las Vegas Sands Corporation subsequently hopes to use the remaining $2.93 billion to help it bring a fourth all-suite hotel tower to the Marina Bay Sands featuring about 1,000 rooms alongside a top-floor observation deck complete with a swimming pool and restaurants. The firm additionally purportedly wants to expand the venue’s gaming floor by some 21,527 sq ft in order to add a further 1,000 gaming machines to its existing complement of around 2,500 units.
Official obligation:
Reuters reported that the expansion plan is all part of commitments Las Vegas Sands Corporation and local rival Genting Malaysia Berhad, which runs the nearby Resorts World Sentosa venue, made to the government of Singapore in April in order to have the jurisdiction’s current casino duopoly extended until 2030. The proposal moreover calls for the Marina Bay Sands complex to eventually include ballrooms and meeting and exhibition facilities in addition to an adjacent 15,000-seat arena to serve as the centerpiece of a planned entertainments district.
Abundant appeal:
Marina Bay Sands opened in April of 2010 and the news service reported that it has so far attracted over 330 million visitors while its attached Sands Expo and Convention Centre managed to host some 3,680 events last year alone. This popularity along with the venue’s $423 million in first-quarter earnings before interest, tax, depreciation and amortization will purportedly play a key role in the ultimate success of the financing campaign although a lack of new investors may eventually force Las Vegas Sands to chiefly look towards existing lenders.
Rival redevelopment:
Genting Malaysia Berhad earlier announced that it would be willing to spend upwards of $3.29 billion to further develop its Resorts World Sentosa complex but has yet to approach any banks for financing. The Kuala Lumpur-headquartered operator purportedly detailed in May that it anticipates this effort including a 5,381 sq ft expansion of the casino inside the 1,500-room venue in order to accommodate as many as 800 additional machines.