Macau casinos: Sands China gets US$2.51bn credit facility
Sands China has also obtained an unsecured term loan.
Macau – Sands China has announced through a company filing it has entered into a new HK$19.50bn (US$2.51bn) credit facility agreement with several lenders. The company said it may draw revolving loans under the 2024 SCL Revolving Facility until September 24, 2029, for general corporate and working capital requirements. The final maturity date of all loans wil be October 23, 2029.
In addition, Sands China obtained a HK$12.95bn (US$1.67bn) unsecured term loan, which can be used until 31 August 2025, to repay senior bonds maturing on the same date. Sands China said the initial margin for loans taken from the new revolving credit facility is 2.5 per cent per year. The casino operator mentioned that it will need to pay a yearly commitment fee of 0.60 per cent on the amounts that remain undrawn. The margin for amounts drawn from the new term loan facility is 1.65 per cent annually. The Bank of China, Macau Branch acts as the agent for a group of lenders.
Sands China posts net revenue of US$1.77bn for Q3
Sands China has shared its financial results for the second quarter of the year. The company posted net revenue of US$1.77bn, up 1.14 per cent from the previous quarter and 1 per cent in year-on-year terms.
Net income was US$268m, up 16 per cent year-on-year and 9 per cent versus Q2. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$585m, compared to US$631m for the third quarter of 2023.
The Venetian Macao generated net revenue of US$692m, down 0.87 per cent quarter-on-quarter. Casino revenue was US$554m, compared to US$575m in the third quarter of 2023. The Venetian Macao’s adjusted property EBITDA was US$267m. The venue had a hotel occupancy of 98.8 per cent.
The Londoner Macao generated net revenue of US$460m, up 3.60 per cent compared to the previous quarter, while casino revenue reached US$338m. Adjusted property EBITDA was US$124m. Hotel occupancy was 97.7 per cent.
The Parisian Macao generated net revenue of US$250m, up 6 per cent sequentially. Casino revenue was US$189m, compared to US$181m in the third quarter of 2023. The casino venue’s adjusted property EBITDA was US$74m. Hotel occupancy was 98.5 per cent.
The Plaza Macao posted net revenue of US$257m, up 2.80 per cent in quarter-on-quarter terms. Casino revenue was US$182m, compared to US$108m in the third quarter of 2023. The casino venue’s adjusted property EBITDA was US$102m. Hotel occupancy was 93.2 per cent.
The Sands Macao posted net revenue of US$81m, up 2.53 per cent compared to the previous quarter. Casino revenue was US$73m, compared to US$75m in the third quarter of 2023. The casino venue’s adjusted property EBITDA was US$14m. Hotel occupancy was 99.4 per cent.
