Fitch says Macau market recovery has aided LVS credit improvement

Fitch expects Sands China to resume dividend payments in 2026.

Macau.- Fitch Ratings has reported Las Vegas Sands’ overall credit improvement is being driven by the strong rebound in the Macau market. The rating agency highlighted the recovery of mass market baccarat to 91 per cent of 2019 levels, with premium mass sector particularly strong.

Fitch expects Sands China to resume dividend payments in 2026. However, analysts noted ongoing challenges in visitation and airline capacity, which remain below 2019 levels. Fitch anticipates more revenue growth as these metrics rebound, while capital improvements, especially at The Londoner, are also expected to contribute to Las Vegas Sands’ long-term growth. 

See also: Sands China posts net revenue of US$1.86bn for Q4

In Singapore, Las Vegas Sands is achieving record levels of mass gaming revenue. Monthly passenger volume and aircraft seat capacity from China have recovered to 87 per cent of 2019 capacity.

See also: Marina Bay Sands revenue up 55.6% in Q4

Fitch also addressed the funding pressure related to LVS’s potential New York City casino licence bid. It believes the company could meet this funding requirement without materially affecting the balance sheet. Fitch noted that Las Vegas Sands has a strong track record in developing large casino and entertainment projects.