Macau casino operator Las Vegas Sands Corp drew $201 million on a credit revolver last month, providing the gaming company with enough capital to survive through the end of this year.
Las Vegas Sands Corporation has filed a Form F-4 with the Securities and Exchange Commission (SEC), outlining the terms of a debt-for-equity swap for its Sands China subsidiary. Sands China had $1.54 billion remaining on its credit facility.
Sands China believes it is able to support continuing operations, complete major construction projects and respond to COVID-19 for at least 12 months from the end of the reporting period
However, Sands China Remains Optimistic
Last month, Morgan Stanley said the six operators have a combined $20 billion in liabilities, which could jump to $23 billion by the end of this year. That’s up from just $5 billion prior to the onset of the coronavirus pandemic. Further muddying the financial waters for Macau concessionaires are growing debt burdens.
Despite the headwinds, Sands China remains bullish on Macau. It doesn’t have much choice, as the SAR is home to five of its six integrated resorts.
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