Las Vegas Sands Corp says it will increase the size of a term loan by about US$1.35 billion, in part to fund its share buyback programme. In a statement issued on Thursday, the United States-based gaming company said it would also increase the size of its share buyback programme from US$1.56 billion to US$2.5 billion, while also extending the expiration date.
“Our company has the financial strength to continue enhancing our industry-leading efforts to return capital to our shareholders,” Las Vegas Sands chairman and chief executive Sheldon Adelson (pictured in a file photo) was quoted as saying.
He added: “At the same time, we are able to maintain the flexibility needed to heavily reinvest in our current portfolio of properties and also pursue and ultimately develop new multi-billion dollar integrated resorts in key markets around the world. This is another example of our company continuing to execute on our core strategic initiatives.”
Las Vegas Sands is the majority owner of Macau-based casino operator Sands China Ltd, which runs a number of casino resorts in the Cotai district and a casino hotel on the peninsula. Elsewhere, Las Vegas Sands runs the Marina Bay Sands casino resort in Singapore.
The company also wants to contend for a licence to run a casino in Japan, which is preparing to change its laws to introduce casinos.
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”I would expect that there might be some clearly-defined criteria … and I’m supportive of a more clearly-defined roadmap for the [gaming] industry”
Co-chairperson and executive director of Macau casino operator MGM China