{"id":777003972,"date":"2023-04-03T13:10:49","date_gmt":"2023-04-03T16:10:49","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777003972"},"modified":"2026-04-22T23:11:17","modified_gmt":"2026-04-23T02:11:17","slug":"moodys-upgrades-las-vegas-sands-outlook-on-macau-expectations","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/moodys-upgrades-las-vegas-sands-outlook-on-macau-expectations","title":{"rendered":"Moody\u2019s upgrades Las Vegas Sands outlook on Macau expectations"},"content":{"rendered":"\n

Moody’s has also confirmed its Baa3 rating for Las Vegas Sands and Baa2 rating for Sands China.<\/p>\n\n\n\n\n\n\n\n

Macau.- Moody’s Investors Service has upgraded its outlook for Las Vegas Sands from “negative” to “stable.” It’s also confirmed its Baa2 rating for Las Vegas Sands Corp and its Baa2 rating for <\/strong>Macau-based Sands China.<\/p>\n\n\n\n

The agency said it expects Las Vegas Sands’ financial leverage to improve significantly over the next two years as the Macau gaming market recovers following China’s lifting of pandemic-related travel restrictions. Moody’s noted that the expected recovery in Macau, coupled with the recovery already underway in Singapore<\/strong>, will support revenue and earnings growth and drive leverage down.<\/p>\n\n\n\n

Analysts said the “stable” outlook incorporated the view that Las Vegas Sands’ liquidity will remain strong with the expectation that the company will improve its revolver availability at Sands China as cash flow improves and borrowings are repaid. Nonetheless, Moody’s warned that Las Vegas Sands’ financial leverage “will remain elevated over the near term,” and that it will take time to bring leverage back towards pre-pandemic levels. <\/p>\n\n\n\n

In a separate note, Moody’s reported that it expects Macau’s gross gaming revenue (GGR)<\/a> to reach about 45 per cent of 2019’s level this year. Mass-market GGR could “improve to 75 per cent of 2019 levels” and fully recover in 2024. <\/p>\n\n\n\n

In March, Las Vegas Sands said it had been authorised by Singaporean authorities to delay the deadline for the extension of Marina Bay Sands’ construction work<\/a> by 12 months. The completion deadline is now April 8, 2028.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Moody’s has also confirmed its Baa3 rating for Las Vegas Sands and Baa2 rating for Sands China.<\/p>\n","protected":false},"author":176,"featured_media":23787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Moody's Investors Service has upgraded Las Vegas Sands' outlook from \"negative\" to \"stable,\" confirming its Baa2 rating, and Sands China's Baa2 rating. This positive shift is attributed to the anticipated significant improvement in financial leverage over the next two years, driven by the recovery of the Macau gaming market following the lifting of pandemic-related travel restrictions and ongoing recovery in Singapore. While leverage remains elevated in the near term, Macau's GGR is projected to reach 45% of 2019 levels this year, with mass-market GGR expected to fully recover by 2024.","focusai_entities":"Moody's Investors Service, Las Vegas Sands, Sands China","focusai_location":"Macau, Singapore, China","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau GGR Recovery Pace?","query":"What specific factors, beyond travel restrictions, are critical for Macau's mass-market GGR to achieve full pre-pandemic recovery by 2024, and what are the associated regulatory or competitive risks?"},{"label":"LVS Capital Structure Impact?","query":"How will the projected improvement in Las Vegas Sands' financial leverage and revolver availability impact its capital allocation strategies, particularly regarding future development, M&A, or shareholder returns?"}],"footnotes":""},"categories":[157,16338],"tags":[1642,21680],"class_list":["post-777003972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-las-vegas-sands","tag-sands-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777003972"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003972\/revisions"}],"predecessor-version":[{"id":777003984,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003972\/revisions\/777003984"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/23787"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777003972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777003972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777003972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}