LV Sands secures loan to build Singapore resort
Las Vegas Sands Corp. announced Friday it had secured more than $3.7 billion in loans to complete construction of the Marina Bay Sands, the company's hotel-casino development in Singapore.
According to a filing with the Securities and Exchange Commission, the financing package, which is primarily funded by the Asian financial market, includes a cash contribution of roughly $558 million from the company.
"The vote of confidence we have received from the international financial community, including leading Singapore-based financial institutions, is a testament both to our track record of successful integrated resort development worldwide and to the significant economic benefits the Marina Bay Sands," Las Vegas Sands President Bill Weidner said in a statement.
The Marina Bay Sands will include Singapore's first casino and house 2,500 hotel rooms, 1.2 million square feet of convention space, 1 million square feet of retail space and three entertainment venues. The project, which broke ground in 2007, is scheduled to open in late 2009.
Weidner has said the cost of the project, originally $3.6 billion, has increased slightly because of the weakened U.S. dollar and the rise of building and material costs in Singapore. According to SEC filing, the cost of the project could grow to as much as $4.6 billion.
The announcement came after trading closed Friday on the New York Stock Exchange. Shares of Las Vegas Sands fell $6.70 to close at $88.67, down 7.03 percent. Shares of Las Vegas Sands have fallen more than 40 percent since Oct. 29, when the company hit a 52-week high of $148.76.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or (702) 477-3871.
