LVS Buyback, Credit Pharmaceuticals Dividend: Moody's
Casino operator Las Vegas Sands (LVS), which operates gaming resorts in Macau and Singapore, has received a "Baa3" long-term rating with a "stable" outlook on senior unsecured obligations on the back of the "high quality, popularity and favorable reputation" of its properties, Moody's Investors Service said in an update on Tuesday.
In Macau, Sands China Inc., a unit of Las Vegas Sands, is one of the city's six casino concession operators. In Singapore, the parent group runs Marina Bay Sands, which owns half of the city's state casinos.
"The stable outlook reflects our expectations that visits and gaming revenue will continue to grow in 2024, allowing Las Vegas Sands to restore credit metrics to levels consistent with our expectations for Baa2 Sand China Ltd / Baa3 Las Vegas Sands Senior Unsecured Ratings, including a low tripling range of leverage," Moody's said.
The agency added: "It is also a prospect that reflects our expectations that the company will maintain sufficient liquidity, manage upcoming maturities in a timely manner, and reduce overall debt levels."
Moody's noted that "major credit concerns" included Las Vegas Sands "likely to continue pursuing additional and important global casino resort development opportunities that are likely to be financed with debt that could lead to temporary leverage."
Casino Group has already said it aims to pursue a Northern Casino license for the U.S. state of New York. The executive director of the New York State Gaming Commission recently said it could be "the end of 2025" before a decision is made on the winning bidder.
Moody's also cited the possibility that Las Vegas Sands will "return capital in the form of share repurchases and dividends" in Asian markets following travel restrictions related to the COVID-19 pandemic, Moody's said in an update on Tuesday.
Moody's said share repurchases and dividend payments "remain a credit constraint."
Las Vegas Sands parent company resumed paying dividends in August last year.
"We paid approximately $150 million in dividends in the third and fourth quarters of 2023 respectively, and we expect this to continue on a quarterly basis," the rating agency said.
In October last year, it increased its share buyback program to US$2 billion and extended its maturity to November 2025.
In December, the parent company paid about $250 million to buy shares in Sands China. It also repurchased up to $250 million in shares sold by Miriam Adelson, the group's largest shareholder.
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