Investor moves stake from Sands China to Las Vegas Sands

May 28, 2014 Newsdesk Latest News, Macau, Top of the deck  

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U.S.-based asset-management firm Waddell & Reed Financial Inc announced on Tuesday it had moved its US$1.38 billion stake in Macau-based casino operator Sands China Ltd to the latter’s parent company Las Vegas Sands Corp.

Waddell & Reed sold its 192.64 million shares in Sands China at HK$55.45 (US$7.15) each, meaning a discount of 4.8 percent to Tuesday’s closing price in Hong Kong, according to media reports.

Waddell & Reed meanwhile established a similar position in Las Vegas Sands – listed on Nasdaq in New York – consisting of 16.96 million shares.

The portfolio manager noted in a statement the benefit of greater market liquidity in shares of Las Vegas Sands compared to Sands China. It added Waddell & Reed continues to have a “positive view on the investment outlook of Las Vegas Sands and its ability to generate revenue in China and elsewhere around the world”.

Waddell & Reed provides investment management and financial planning services to clients throughout the United States. The firm had approximately US$131 billion in total assets under management by March-end according to its press statement.

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