According to people familiar with the matter, Marina Bay Sands (MBS) has secured multiple loans worth S$12 billion to fund the expansion plan of its casino - resort in Singapore, marking the largest such financing in Singapore's history.

Sources said that DBS Group Holdings, Maybank, OCBC Bank, and United Overseas Bank (UOB) are the coordinating banks for this credit arrangement. When syndicating the loan to a broader market, they attracted an additional 22 lenders. The source requested anonymity as the matter is private.

When asked about the deal, a representative of Marina Bay Sands said the company "has no information to provide at the moment", while its parent company, Las Vegas Sands, did not immediately respond to requests for comment sent outside normal working hours.

The loan will be used for refinancing and financing the expansion of the company's integrated resort. The cost of the resort is expected to balloon from an initial estimate of around US$3.4 billion in 2019 to US$8 billion.

The expansion plan of Marina Bay Sands comes at a time when Singapore's tourism industry has seen a strong rebound since the outbreak of the pandemic. Last year, the number of international visitors to Singapore increased by 21% to 16.5 million, mainly from China, Indonesia, and India.

Singapore's previous record for the largest syndicated loan was a S$9.3 - billion loan signed in 2012 to fund TCC Assets, owned by Thai billionaire Charoen Sirivadhanabhakdi, to acquire food and beverage manufacturer Fraser & Neave.

The expansion of MBS stems from the strong performance of its Singapore business.

For the fourth quarter ended December 31, 2024, the company's net revenue increased by 7.2% to US$1.14 billion, driven by its focus on "high - value tourism" in Singapore and ongoing renovation and refurbishment work.

Parent company Las Vegas Sands (LVS) reported on Thursday (January 30) that all its segments grew. Its casino business, the largest contributor to its revenue, increased by 6.9% from US$741 million in the same period last year to US$792 million in the fourth quarter of fiscal year 2024.

However, the integrated resort's adjusted property EBITDA (earnings before interest, tax, depreciation, and amortization) for the quarter decreased by 1.3% to US$537 million, compared with US$544 million in the same period last year. If the group's rolling performance meets expectations, MBS's adjusted property EBITDA will decline by approximately US$2 million.

In the casino industry, "hold" refers to the portion of bets retained by the business.

George Choi and Timothy Chau, analysts at Citi Research, pointed out that the EBITDA figure was a surprise to the market as it was well above US$500 million, exceeding their expectations.

The combined revenue from mid - market gaming, including slot machines and non - table games, reached a record US$746 million, an increase of 27.7% compared to the same period last year. The Citi team said this figure is approximately 9% higher than the previous peak.