Finance provided for the Asian resort
Casino operator Las Vegas Sands, founded by the billionaire Sheldon Adelson, has received good news relating to its expansion efforts in Singapore.
In a filing to the Securities and Exchange Commission (SEC), the casino and resort company revealed that it had secured a loan of $2.71bn to help in its efforts to conquer the Asia market.
tourism board approved the company’s plans to grow in scale and size
This funding follows an announcement by the company that it was seeking to finance further expansion at the Marina Bay Sands, a luxury resort complex and casino in Singapore, after striking a deal with the country’s tourism board in April.
The tourism board approved the company’s plans to grow in scale and size alongside the only other casino resort in Singapore, Resorts World Sentosa, which is owned by Genting Singapore Ltd.
Completion by 2024
Marina Bay Sands is renowned for its distinctive design of a ship floating on three towers dominates the skyline. The resort is also home to the world’s largest infinity pool.
The initial announcement made by Sands in June suggested that it was aiming to secure a $6bn investment in the hope of completing expansion works “pursuant to [its] development agreement,” as agreed with the Singapore Tourism Board.
Despite funding being smaller than the budget requested, it is thought that this announcement to the SEC means that development will soon begin.
Robert Goldstein, president and chief operating officer of Las Vegas Sands, has said that he expects it to complete by the 1st January 2024. In a speech made in July, he also said that the company was prepared to spend $3.3bn to secure the expansion.
Information provided by the NASDAQ filing outlines that the company has committed to expanding its existing agreement with DBS Bank Ltd in an agreement signed on August 30th.
The filing also makes reference to the planned expansion, accepting that terms will change once a completion certificate has been made. This allows the company two years for any delays.
No plans made yet
As of yet, no plans have been submitted as to what the new Marina Bay Sands may look like. However, through its agreement with the tourism board, the casino would be allowed to expand by up to 15,000 square meters. This is equal to around 1,000 more electronic gaming machines.
Singapore’s government has also announced an increase to casino tax rates in 2022. This is due to the popularity of the pastime, with the country becoming an increasingly popular destination for high rollers and locals alike.