Moody’s affirms stable outlook for Las Vegas Sands amid major expansions
The agency cites strong liquidity and an expected earnings boost from the Marina Bay Sands project.
Us.- Moody’s has affirmed Las Vegas Sands’ (LVS) investment-grade Baa3 senior unsecured rating and the Baa2 rating of its Macau subsidiary Sands China, both with stable outlooks. The decision comes despite the group’s substantial development commitments, including the roughly US$8bn expansion at Marina Bay Sands in Singapore.
The agency expects LVS to maintain debt at around 3x EBITDA while advancing its projects. It highlighted the quality of LVS’s integrated resorts in Singapore and Macau, where it controls 74.8 per cent of Sands China, and favourable long-term gaming demand in both markets.
The Marina Bay Sands expansion is expected to drive significant additional visitation and earnings once complete, supporting future debt reduction. The property already posted an adjusted EBITDA margin of around 50 per cent in the first half of 2026. Overall, Moody’s expects LVS to remain compliant with its debt covenants and manage upcoming maturities smoothly, reinforcing confidence in the group’s position.
