Sands China repays US$1bn loan to LVS three years early
The loan was repayable on July 11, 2028.
Macau.- Sands China has announced that it has repaid a MOP8bn (US$1bn) loan agreement to its parent company, Las Vegas Sands (LVS), more than three years early. The loan was issued in July 2022 and was due for repayment on July 11, 2028, but was pre-payable at any time without penalty.
The capital had been loaned to strengthen Sands China’s financial position and liquidity. In October, Sands China announced a new credit facility agreement amounting to HK$32.45bn (US$4.17bn) for general corporate and working capital requirements. The maturity date is October 23, 2029.
Sands China net revenue declines in Q4
Sands China reported net revenue of US$1.77bn for 2024, down 5 per cent year-on-year and flat in quarter-on-quarter terms. Net income was US$277m, down 3.9 per cent year-on-year.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was down 2.7 per cent compared to the fourth quarter of 2023 at US$571m. This was attributed to a low hold on rolling play.
For the full year 2024, the casino operator posted a total net revenue of US$7.08bn, up 8.4 per cent in year-on-year terms. Net income was US$1.05bn, compared to a net income of US$696bn in 2023. Adjusted property EBITDA was US$2.33bn.
