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Posting date: 5 April 2024 at 05:07h.
Last updated: April 5, 2020, 5:07h.
Las Vegas Sands’ (NYSE LVS:) has announced it will be starting construction of its $3.3 Billion expansion at Marina Bay Sands Singapore by July 2025.
After the announcement of credit facilities, Moody’s Investors Service announced earlier in the week The gaming company has expressed concerns that its plans to pay dividends, and to buy back shares of itself could hurt the credit rating. Bank of Nova Scotia extended the revolver to Sands, indicating that the company has capital markets access and is eager to lend.
According to Sands’ Form 8-K filed with the Securities and Exchange Commission, “the loans under the Revolving Credit Agreement are subject to interest rates that range from (x) a rate adjusted to match the overnight secured financing rate administered by the Federal Reserve Bank of New York or a successor to this rate) plus a margin of 1.125% up to 1.550% annually, and (y) a base rate plus a margin of 0.125% – 0.550% depending on the Borrower’s corporate family rating
Moody’s rates LVS as “Baa3”. The outlook is “stable.”.
Marina Bay Sands Expansion Details
Marina Bay Sands – one of Sands’ two integrated resorts located in Singapore – is the only Sands venue that is not in Macau. It is therefore vital for reducing the associated risks of operating in Chinese territory.
The most important thing about this is that it’s the cheapest. valuable gaming brands It is the crown jewel of Sands’ portfolio, and an important part of its overall investment thesis.
The $3.3 billion expansion project at MBS will include the addition of a fourth tower and will be performed by Safdie Architects – the company that built the original property. Sands aims to begin construction of the MBS expansion project in July 2025, with a goal to complete it by July 2029.
The Sands CFO Patrick Dumont said in a press release that the all-suite tower would set new hospitality standards, while the arena’s state-of the-art technology will attract global artists and entertainment of the highest calibre. In addition, additional exhibition and convention space will further enhance Singapore as an international MICE destination. Marina Bay Sands will be able to increase its contribution in economic growth, job creation and tourism in future years with this significant investment.
Sands Investing Big In Singapore
Marina Bay Sands has not allocated the planned 1,75 billion dollars for its original structure.
Sands has seen its investments in Singapore pay dividends for both the investor and the operator.
Marina Bay Sands opened in 2010 and has cost $5.6billion to develop. Since then, over 470m people have visited. According to a statement, the resort also contributed significantly to Singapore’s business tourism. It has hosted over 1,750 MICE events that were new to Singapore since Marina Bay Sands opened.
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