Las Vegas Sands’ sale of its Nevada properties for $6.25 billion is a “slight credit negative,” Fitch Ratings said in a note.
The sale gives the operator more liquidity and improves its overall leverage. However it also takes away an additional source of cash flow and marginally reduces the group’s diversification.
“It also raises some uncertainty about the ultimate use of proceeds,” it said.
Macau will lead the recovery in Asia this year, while Singapore needs international flights to resume to gain further impetus, executives from Las Vegas Sands told investors on the company’s earnings call.
Las Vegas Sands has launched a multi-million dollar advertising campaign in an effort to convince lawmakers to legalise casinos in Texas.
Moody’s Investors Service has completed a periodic review of Macau’s three U.S. operators, commenting that liquidity is relatively good and their long-term prospects are credit solid despite the hit from Covid.
Five Sands China departments have received ISO 45001:2018 certification for their occupational health and safety (OHS) management systems, a testament to the company’s success in proactively creating a safe working environment.
Las Vegas Sands has set up a special committee to review AML controls at its Marina Bay Sands casino in Singapore and has hired U.S. law firm Vinson & Elkins LLP to assist.
Las Vegas Sands Chairman and CEO Rob Goldstein said the company "firmly believes" the Macau market will recover and will benefit in the future from infrastructure developments throughout the Greater Bay Area.
Las Vegas Sands' sale of its Nevada properties for $6.25 billion has elicited differing reactions from global credit ratings agencies.
The sale of Las Vegas Sands’ Vegas properties for $6.25 billion could be an opportunity for Sands to put their boots down in Australia through a purchase of Crown Resorts, according to Bernstein analyst Vitaly Umansky.
Las Vegas Sands has sold its properties in Las Vegas, including The Venetian and the Sands Expo and Convention Centre for US$6.25 billion to the Apollo Global Management and VICI Properties.
Wynn Resorts said it has again featured in Fortune magazine's most admired companies list, appearing in the top five in the hotels, casinos and resorts category.