Las Vegas Sands Secures $3B in Financing for Singapore Project
- Jan 07, 2008
Development of the Marina Bay Sands in Singapore has just gotten a big boost now that Las Vegas Sands Corp. has gotten its hands on a major loan package. The company entered into a credit agreement that makes $3.8 billion available for the project. The financing for Marina Bay Sands comes in the form of a Singapore dollar-denominated facility that marks the largest such private financing package ever. Goldman Sachs, DBS Bank Ltd., UOB Asia Limited, and Oversea-Chinese Banking Corp. served as the coordinated the financing. Marina Bay Sands will be Singapore’s first integrated resort, incorporating the Waterfront Promenade with a behemoth mixed-use complex. The project will include three 50-story hotels offering an aggregate 3,000 guestrooms, a 1 million-square-foot retail promenade, a 1 million-square-foot convention center, two theaters offering a total of 4,000 seats, a casino and a parking facility to accommodate 4,000 vehicles. Pre-construction activity for the Marina Bay Sands kicked off last year, paving the way for the development to debut in late 2009.