US-based Las Vegas Sands has secured a multi-billion dollar loan to fund its expansion plans in Singapore. In its recent filing with the Securities and Exchange Commission (SEC) the gambling, operator has revealed that it has secured the loan to make further investments in Singapore to expand operations at its Marina Bay Sands Hotel and Casino.
The loan has been made available by the Development Bank of Singapore (DBS).
The filing also reads that, “Under the Third Restated Facility Agreement, the Borrower must comply with a maximum consolidated leverage ratio of 4.50 to 1.00 as of the last day of each fiscal quarter from the Closing Date until twelve months following the date in which a temporary occupation permit is issued with respect to the MBS Expansion Project. Thereafter, the Borrower must comply with a maximum consolidated leverage ratio of 4.00 to 1.00 as of the last day of each fiscal quarter.”
Earlier in June, Marina Bay Sands (MBS) said that it was looking to raise $8 billion to fund its casino expansion plan of the existing property in Singapore.
It was also for the first time the company was applying for a loan since 2012 when the company had managed to secure over $5 billion in funding from multiple lenders.
In a recent statement, Las Vegas Sands has said that it is no longer in the race for a casino license in Osaka Prefecture in Japan. Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson said that they think that an investment in Tokyo or Yokohama gives them the best opportunity.