Las Vegas Sands (NYSE: LVS) Marina Bay Sands is reportedly seeking a $9 billion loan to fund expansion plans at its Singapore casino resort, potentially marking the largest corporate credit extension in Singapore's recent history.

DBS Group Holdings Ltd., Malayan Banking Bhd., Oversea-Chinese Banking Corp., and United Overseas Bank Ltd. are reportedly coordinating the seven-year loan package, seeking additional financial institutions to participate.

Las Vegas Sands maintains investment-grade credit ratings, though only by one notch at major ratings agencies. Moody's Investors Service predicts the company's retained cash flow to net debt ratio could increase to 33% over the next 12-18 months, while maintaining sufficient financial resources for dividends and share repurchases.

The loan would reportedly allocate funds for both refinancing an existing $2.98 billion loan from 2019 and funding the resort's expansion. The expansion project includes:

• New guest rooms
• Additional convention and meeting space
• A 15,000-seat entertainment arena
• Initially budgeted at $3.37 billion

Marina Bay Sands' expansion investments are strategically timed, as regional competition increases with upcoming projects like MGM Osaka and potential Thai casino developments. Singapore currently ranks as the world's third-largest gaming market by gross gaming revenue (GGR), though analysts predict Thailand may eventually claim this position.

The expansion project is scheduled for completion by 2031, positioning Marina Bay Sands to maintain its status as one of the world's most profitable casino hotels while strengthening Singapore's appeal to Asian tourists.

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