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.
Jun 16, 2021A Macau court case began on Wednesday into whether a company led by a Taiwan businessman is entitled to MOP96.45 billion (US$12.06 billion) for what it claims was its role in United States-based...
Tax revenue collected by the Macau government from the city’s gaming industry for May