GGRAsia – Investor moves stake from Sands China to Las Vegas Sands

Investor moves stake from Sands China to Las Vegas Sands

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

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.