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LVS Group Refinancing is likely to be welcomed in the marketplace

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2024년 안전한 바카라사이트 – 에볼루션 바카라 사이트 TOP15.

LVS Group Refinancing is likely to be welcomed in the marketplace by outlookindiacom pluginplay
Refinancing $1.8 billion of debt due in August 2025 issued by Macau casino operator Sands China is likely to be consistent with "some debt repayment by Sands China," CBRE Capital Advisors Inc said in a note on Monday.

Las Vegas Sands Corporation LVS, the parent company of Sands China, also has $1.75 billion in debt due in August this year, and the group plans to "simply" refinance, CBRE said, citing management comments.

It also expected $500 million in Las Vegas Sands debt to be repaid in June 2025.

CBRE analysts Colin Mansfield and Connor Parks added: "Given the high wealth, enviable geographic diversification and investment rating, we expect the company's issuance to be well received in the capital markets."

S&P Global Ratings valued Las Vegas Sands' debt at "BBB-/Stable," Moody's Investors Service at "Baa3/Stable" and Fitch Ratings at "BBB-/Stable," CBRE said in an update.

"Both Las Vegas Sands and Sands China bonds have outperformed the broader 'BBB' index this year," it said

Referring to Las Vegas Sands and recent first-quarter earnings reports, analysts Mansfield and Parks said: "The management reiterated its commitment to investment ratings and longstanding financial policy to maintain '2.0 to 3.0' total leverage."

"We expect leverage to continue to decline thanks to growth, primarily interest, taxes and earnings before depreciation, and to some extent debt repayment when Sands China's 25-year bond [2025 bond] is refinanced."

As well as operating a collection of casino resorts in Macau (Picture: Venetian Macau), Singapore's Marina Bay Sands gaming resort is also managed by its U.S. parent company.

Marina Bay Sands' Q1 adjusted real estate EBITDA increased 9.7% quarter-over-quarter to $597 million and improved 51.5% year-over-year, but Sands China's quarterly EBITDA decreased 6.7% quarter-over-quarter to underperform. 바카라사이트 추천

CBRE said of casino group's overall Q1 situation: "Total leverage improved thanks to EBITDA growth." Analysts added: "On a consolidated basis, total leverage improved from 3.6x to 3.3x quarter-over-quarter.

"Macao and Singapore's independent leverage also improved quarter-on-quarter to 3.6 and 1.5 times respectively, net royalty fees paid to parent Las Vegas Sands and including $1.06 billion in subordinated loans from Sands China," CBRE said.

CBRE said the group as a whole wanted to "lower absolute debt levels in Sands China as debt increases during the pandemic, although EBITDA growth alone can achieve targeted leverage levels."
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