Macau-based casino group Sands China Ltd says it has repaid “in full” on Thursday – more than three years early – a US$1-billion subordinated unsecured term loan from its United States-based parent, Las Vegas Sands Corp.
The loan had been announced in July 2022, when Covid-related restrictions were still in place in Macau, affecting the city’s tourism market.
It had been repayable on July 11, 2028, but was “pre-payable” by Sands China “in whole or in part at any time without penalty,” Sands China noted in a Friday filing to the Hong Kong Stock Exchange.
At the time the loan was announced, Sands China had said it highlighted “both Las Vegas Sands’ and the company’s confidence in the long-term growth potential of Macau, and the availability of the loan further bolsters the company’s balance sheet position and liquidity.”
Sands China runs five casino complexes in Macau, including The Venetian Macao (pictured). As of December 31, Las Vegas Sands indirectly owned 72.13 percent of Sands China, according to the Macau unit’s 2024 annual report, issued on Wednesday. The parent also controls Marina Bay Sands Pte Ltd, promoter of the Marina Bay Sands casino resort in Singapore.
In October, Sands China announced a new credit facility agreement amounting to HKD32.45 billion (US$4.17 billion currently).
The fresh agreement provided for a HKD19.50 billion unsecured revolving credit facility, from which Sands China “may draw revolving loans … from time to time until September 24, 2029”.
The funds can be used for “general corporate and working capital requirements of the company and its subsidiaries, subject to certain restrictions,” stated Sands China in its October update.
The final maturity date of all loans drawn under the new revolving facility is October 23, 2029, it added.
