U.S.-listed casino operator Las Vegas Sands Corp has announced plans to issue five- and seven-year senior unsecured bonds to refinance US$1 billion of 3.5 percent unsecured notes maturing in August this year.
The funds to be raised will also be used for general corporate purposes and share repurchases, the company said in a filing on Monday.
The casino group said it would issue and sell US$500.0 million in aggregate principal amount of 5.300-percent senior notes due in 2031, and US$500.0 million of its 5.650-percent senior notes due in 2033.
“The offering is expected to close on or about May 13, 2026, subject to satisfaction of customary closing conditions,” the firm stated.
Las Vegas Sands is the parent of Macau casino operator Sands China Ltd, and also of Marina Bay Sands Pte Ltd, the operator of the Marina Bay Sands casino resort (pictured in a file photo) in Singapore.
Fitch Ratings assigned a ‘BBB’ rating to Las Vegas Sands’s senior unsecured notes offering.
“The rating reflects improved credit metrics, strong performance in Singapore, and a continued but slightly weaker-than-expected rebound in the Macau market,” Fitch said on Monday, following the bond issuance announcement by Las Vegas Sands.
The rating agency added: “Las Vegas Sands benefits from its scale in Macau, competitive market positions in Macau and Singapore, and robust free cash flow generation. This is offset by a relatively heavy capital programme and potential weakness in the Chinese economy.”
CBRE Equity Research observed in a Monday memo that Las Vegas Sands’ gross consolidated leverage was 3.1 times as of the first quarter of 2026, with net leverage half a turn lower at 2.6 times.
(Updated at 6:33am, May 6)
