Marina Bay Sands (MBS) is looking to raise $8 billion to fund its casino expansion plan of the existing property in Singapore. Marina Bay is a subsidiary of US-based Las Vegas Sands and the company owns and operate one casino in Singapore.
It is for the first time the company is applying for a loan since 2012 when the company had managed to secure over $5 billion in funding from multiple lenders.
Singapore has already approved the plans for expansion of the Marina Bay Sands casino.
Earlier in April, the casino revealed plans for adding a new tower at the existing property. However, the company officials later clarified that the new tower would not host gambling operations.
A loan broker in Singapore was quoted by Reuters saying: “Marina Bay Sands would have to woo both existing and new lenders to achieve success with this exercise. The borrower has not raised such a size before and it is also unprecedented for the market in Singapore.”
Earlier last week, Marina Bay Sands dropped a $13 million lawsuit against a high-roller. The gambling operator had filed a lawsuit against Wang Zhi Cai, an Australian high-roller in 2013.
This could also be the second biggest syndicated loan in the country. Though the casino’s financials are strong, the company may still find it difficult to raise the funds.