Sands seeks $3.525 billion loan to fund Macau expansion

May 23, 2011 9:50 AM

Companies such as Las Vegas Sands Corp, Wynn Resorts Ltd. and MGM Resorts International have shown that the place to be, if they plan to continue growing, is in Asia. During the past two years, the greatest growth has been in Macau, and professionals don’t see that stopping in the near future.

Certainly, Las Vegas Sands’ Sheldon Adelson has shown that he plans to keep his Macau operation in the middle of that growth by building additional properties on Macau’s Cotai Strip. In fact, he has been quoted as saying he would like to make the Cotai Strip into another Las Vegas Strip.

But, that takes money.

Showing its need for construction financing, according to a report Monday by Bloomberg’s news service, Sands has approached more than a dozen banks about developing a five-year loan of $3.525 billion.

The loan, the Bloomberg reporter said, would be made by a subsidiary of the Venetian Macau Ltd. and would offer an interest payment of 253 basis points over the London interbank rate.