Patrick Dumont
President and Chief Operating Officer at Las Vegas Sands
So really appreciate the questions. A couple of thoughts. So first off, in terms of SCL, I think SCL is performing incredibly well given the disruptions there. And I think we'd like to believe that EBITDA will grow meaningfully over time, as well our cash flow. And so in years past, part of the pandemic, SCL was very shareholder friendly in terms of dividends. And as you can see, that LVS is actually buying SCL stock as we can in the market, because we have a lot of conviction about the value of SCL equity as well as LVS equity, as you can see by the buybacks at the LVS level as well.
And I think as we think about SCL, we're very hopeful that it will be a dividend payer in the upcoming year. We think that, that's a possibility, and we like to believe that it's going to occur. But again, that's up to the board there. And I think the, in terms of the note, I'd like to believe that's also something that could be repaid to the parent level at some point and provide some additional capital allocation flexibility for the parent co. And we'll see how that goes. We'll be able to hopefully maybe buy some stock whether if that's possible. So we'll see.
But I think in the long term, we'd like to believe that SCL becomes a dividend payer again. We think that makes sense for the shareholders there. At the LVS level, we'd like to own more of it, and you'll probably see us do a little bit more of that. But in the long run, we think there's going to be a very high-quality return to capital program coming out of SCL, assuming the trajectory of the business, given the investments we've made and our belief long term in the market.
I think at the LVS level, there's a couple of things that you've raised there. I think first and foremost, I think when we think about capital allocation, we think about growth, our highest and best use of capital is new ground up development. So you see us doing that both in Macao as part of some of our concessional renewal work, as well as in Singapore, along with this IR2 development that has just a panoply great amenities, including, which is going to be, we believe, the best hotel in the world and an unbelievable arena. So we think these are great investments that will create a lot of growth and growth and cash flow for our company.
So that leads to your next question, which is how do we finance this? And our goal is actually to follow, what we've always said, which is raise some cost efficient debt capital. It's one of the reasons why we like the investment-grade name that makes our cost of financing efficient for new growth developments, and we'll look to do that. And if you think about the proportion of debt to equity, I think it's pretty consistent with what we've talked about, let's call it, in the 35% context of equity and the rest will be financed given the debt capacity that we have at the MBS balance sheet.
And the great news is that we've run a full leverage of level, full leverage level there with the anticipation of funding an IR2 development, and so now that's coming to be. So we're prepared for it, and we look forward to the opportunity to work with our lenders to create that, that financing facility to allow for it to be built. So I think as we move forward, you'll see a delayed draw term loan at the MBS level to fund the construction with equity checks going in as well over time. Over the construction schedule, we actually have construction schedule we provided.
Again, it's kind of illustrative. It's something that is a rough estimate today, but designed to give people a sense of the timing of cash flows. And that's actually on Page 46 of the deck, if you want to get a sense of kind of what we're thinking. It may not exactly be this, but this is the context from what we can understand and see today. And so our goal is to, in effect, create the flexibility to continue to invest in high growth opportunities, continue to pay a dividend and continue to repurchase shares at both levels. And hopefully, we'll be able to do that, but that's our plan.
And then I'll turn it over to Rob for New York.
