Resorts World at Sentosa has obtained a S$4bn (£1.5bn) loan to finance two-thirds of its casino project in Singapore.
Resorts World, a subsidiary of Malaysia’s Genting International, is building an integrated casino resort on the island of Sentosa, scheduled to open in 2010.
Ten banks participated in the syndicated loan, which has a tenure extending to 2015. 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 it obtained the credit facility in February "despite a very difficult global credit environment."
The casino resort, spanning 49 hectares, will include south-east Asia’s first Universal Studios theme park and the world’s largest oceanarium, as well as six hotels offering a total of 1,800 rooms.
Las Vegas Sands is building Singapore’s other casino, called Marina Bay Sands, near the business district.
