Las Vegas Sands needs to repay their loans, but they require more time to make this happen. LVS or Las Vegas Sands is one of the biggest casino operators in the world. They have several facilities around the globe, but they also have massive debts. On Monday, March 19, 2018, the company submitted an amendment to the Securities and Exchange Commission. The document requested more time for the loans due.
The Marina Bay Sands loans are due for the Singapore location. However, the company will need three and a half more years before they can truly pay the debt, according to the new filing.
The 3.5 years is going to be added to the current loan date, which was August 28, 2020. They are asking to have a new payoff date of March 29, 2024. The revolving loans are also going to expire. The time for those loans is September 29, 2023. The original time was February 28, 2020. Both loan segments provided $3.9 billion for the company. Both loans were also started in 2012.
The new terms allow the original amortization schedule to start in April 2018. There will also be 0.5 percent of the loan due by the end of each quarter until the end of 2022. By 2022, Las Vegas Sands will then pay 5% of the investment at the end of each quarter. In 2023, 18 percent is to be paid during each quarter to make sure the loan is paid in full by March 2024.
LVS Net Income for 2017
The Las Vegas Sands corporation said they have a revenue of $14.5 billion. The net income was $2.84 billion. They have $22.3 billion worth of assets in the US, Macau, and Singapore.
The Marina Bay Sands location opened in 2010, with a cost of $8 billion. It was the most expensive freestanding casino in the globe at the time. The resort is 49 acres, with 1,600 slot machines, 500 gaming tables, and a 1.3 million square foot convention center. The hotel portion of the casino resort has 2,561 rooms.
The Senior VP of Investor Relations told investors that the company is not a substantial financial engineer, they are trying to allocate capital with caution. But, hey the CEO and founder still took a payday of $12.7 million for the year—so are they genuinely prudent? According to Daniel Briggs the VP, the company is.