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Friday, April 25, 2008

Resorts World gets loan for S'pore casino project

SINGAPORE: Resorts World at Sentosa said yesterday it had obtained a S$4 billion (US$3 billion) loan to finance two-thirds of its casino project in the city-state.

Resorts World, a subsidiary of Malaysia’s Genting International, is building an integrated casino resort on Singapore’s Sentosa island estimated to cost S$6.0 billion dollars and scheduled to open in 2010.

Ten banks participated in the syndicated loan, which has a tenure extending to 2015, the company said.

It will fund two-thirds of the project’s total cost, with the remaining to be paid through equity raised from a rights issue last year by Genting, Resorts World said.

Resorts World said it obtained the credit facility in February “despite a very difficult global credit environment.” The casino resort, spanning 49 hectares (121 acres), will include Southeast Asia’s first and only Universal Studios theme park and the world’s largest oceanarium, as well as six hotels offering a total 1,800 rooms.

Las Vegas Sands is building Singapore’s other casino called Marina Bay Sands near the business district.


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