The Las Vegas Sands corporation has announced that they have managed to secure over $3.7 billion in loans to build a casino-hotel complex in Singapore. They are pleased to have acquired the funding to construct the new 'Marina Bay Sands' hotel, as the credit market has become quite constricted in recent times.
William Weidner, the president and chief operating officer of Sands credited the location of the project as the main reason the funding bid was successful. “We are lucky to have such a strong Singaporean economy as a backdrop,” he said.
The Marina Bay Sands is scheduled to open next year, and will include 2,500 hotel rooms, and 1.2 million square feet of convention, exhibition and meeting room space, along with three large entertainment venues and around 1 million square feet of retail space.
The construction is part of a general expansion of the Sands company into Asia – last year the company opened the Venetian Macao casino hotel in China.
Singapore legalized casino gambling in 2005, and will allow two casino-resorts to be constructed as part of a plan to double annual visitor arrivals over the next seven years.
Mr. Weidner said that Sands plan to retire the debt within eight years of the casino being opened.
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