Sands China extends waiver period for credit facility

Sands China's revenue for Q1 was US$771m.
Sands China's revenue for Q1 was US$771m.

Sands China has announced it has entered into a further waiver extension.

Macau.- Casino operator Sands China Ltd has reported that it has negotiated a new waiver with lenders on a US$3bn loan facility.

The company had initially agreed a US$2bn credit facility agreement in 2018. That’s subsequently increased as Sands China requested three waiver and amendment agreements since then.

In January, Sands China exercised an option to increase the lenders’ total commitments by HK$3.83bn (US$494m).

Under the new waiver, the casino operator has extended the period of the facility agreement from January 1, 2022, to January 1, 2023.

Sands China saw net revenue of US$771m in the first quarter, a 5 per cent year-on-year decline compared to the first quarter of 2020 but a 15.1 per cent increase from revenue of US$675m in the fourth quarter of 2020. The Venetian Macau contributed US$340m, while the new venue The Londoner reached US$137m.

In March, the company announced it was planning to sell its Venetian casino in Las Vegas for US$6.25bn to invest in its Asian businesses.

Chairman and CEO Rob Goldstein said: “Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities.”

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