Marina Bay Sands’s owners are now searching for an investor or lender to support their project, which requires around $2 billion. The expansion of the casino resort should be the most significant financial project from Singapore’s side.
What is known
There are reports that companies such as DBS Group Holdings Ltd, Malayan Banking Bhd, and Oversea-Chinese Banking Corp are involved in coordinating all the loan issues. No one knows who provided this information. Everything is because the final terms of the casino expansion have not been determined. The project and the amount of the loan may change during the negotiations.
The owners of Marina Bay Sands already have a loan of 4 billion Swedish dollars. They want to refinance it and add another 4 billion Singapore dollars. The company has had the current loan since August 2019. It’s worth noting that the cost of the gambling zone expansion has already doubled since the first news of the new project broke.
However, the project’s authors are confident they can recoup all costs despite the tremendous pressure from the iGaming industry. Millions of people worldwide gamble and bet online. Various sports are popular, but the statistics of the last few months show an increase in the number of cricket bets.
Bookmakers have responded by including the sport in their lines. The Google search results leader, Cricketbettingapps, confirms this. If you go to this site, you can see a lot of applications from famous bookmakers with bets on cricket and other popular sports. Also, these apps contain thousands of gambling games. All this is available directly from the phone without leaving the house. In such an environment, land-based casinos started facing a lack of customers. However, Marina Bay Sands is doing well so far.
Is it realistic to get a new loan?
The management of Marina Bay Sands is being asked many questions, but their representatives do not disclose information. Everyone is waiting for the negotiations to be finalized. Not many people know that Las Vegas Sands owns Marina Bay Sands. The parent company has some cash for expansion, as the project is estimated to cost $8 billion. However, in 2019, there were reports that $3.4 billion would be enough.
According to the project, a fourth tower is planned. If the loan is approved and the government signs all the documents, all the work will be completed by 2031. The owners will also build an arena with 15,000 seats, which will be used for international conferences and concerts.
According to records, the largest loan in Singapore was 9.3 billion Singapore dollars. It was given in 2012 to buy Fraser & Neave Ltd, a beverage and food manufacturing company. Now, Marina Bay Sands is claiming the leadership position.