Las Vegas Sands Corp. is issuing 5- and 7-year unsecured bonds at the parent holding company level to refinance $1 billion of notes maturing in August 2026 and to support general corporate purposes, including share repurchases.
The move follows a recent credit rating upgrade by S&P.
According to CBRE Credit Research, the new issuance is being conducted through the company’s parent entity (LVSC) after S&P upgraded Las Vegas Sands’ corporate family rating by one notch to BBB from BBB-. Debt instrument ratings now stand at BBB-/Baa3/BBB. The refinancing targets existing 3.5 percent unsecured notes due in August 2026.
The upgrade reflects what S&P described as a prudent financial policy and increased confidence that the company’s capital expenditure program will not result in sustained higher leverage. This assessment is partly linked to Las Vegas Sands’ earlier withdrawal from the Downstate New York casino licensing process and the low likelihood of casino legalization in Texas in the near term.
CBRE noted that Las Vegas Sands maintains a ‘strong command of leverage,’ with gross consolidated leverage at 3.1 times as of the first quarter of 2026 and net leverage at 2.6 times. These levels are broadly consistent with pre-pandemic positioning in 2019.
The report also highlighted that the parent holding company, despite being asset-light following the divestment of its Las Vegas assets, continues to benefit from strong underlying equity value in its Macau and Singapore operations, as well as material royalty fee income of approximately $350 million annualized in the first quarter of 2026.
CBRE added that debt across the Las Vegas Sands capital structure remains among the ‘tightest’ in the gaming sector, reflecting investment-grade credit metrics and a stable financial policy. LVSC and subsidiary debt trade largely in line, supported by the ability to move cash across the group and ongoing contributions from Singapore operations.























