Casino operator Las Vegas Sands Corp. said it received 2 billion Singapore dollars ($1.4 billion) in initial funding under a credit agreement for a hotel-casino development in Singapore.
The Marina Bay Sands project will include Singapore's first casino and house 2,500 hotel rooms, 1.2 million square feet of convention space, 1 million square feet of retail space and three entertainment venues. It broke ground in 2007 and is targeted to open late next year.
Las Vegas Sands Chief Executive Sheldon Adelson said in a statement Tuesday the company was pleased the Singapore interest rate of about 3.6 percent was "significantly below" rates it would have received in the United States or other international markets.
Earlier this month Las Vegas Sands said it secured nearly $4 billion in loans to complete construction of the Marina Bay Sands. The financing package for the project includes a cash contribution of roughly $558 million from the company.
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