World Gaming Insight

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Sands China to increase liquidity with senior notes issuance

Macau casino operator Sands China Ltd has announced the issuance of senior unsecured notes due 2026 and 2030, with net proceeds of approximately US$1.5 billion to be used to bolster liquidity amid the coronavirus pandemic.

“The duration and intensity of the COVID-19 pandemic and related disruptions are uncertain. It

is unknown when or how quickly the current travel restrictions will be modified or cease to be

necessary and the resulting impact on the willingness of Sands China’s customers to spend on travel and entertainment.”

In a trading update earlier this week, Sands China posted US$9 million in revenue for the month of April, and a net loss of $180 million. The company said it has sufficient liquidity in place to fund its operations for 12 months in the current operating environment.

The notes issuance, which includes $800 million senior notes due 2026 and $700 million notes due 2030, will further strengthen the liquidity position of the group, it said.

About Sands China

Headquartered in Macao, Sands China Ltd. (HKEx: 1928) is the leading developer, owner and operator of large-scale Integrated Resorts in Macao. In 2019, Sands China served approximately 98 million leisure and business visits at its properties on Cotai and on the Macao peninsula. Sands China developed, owns and operates The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Sands Macao. Sands China also owns Cotai Expo, one of the largest convention and exhibition centers in Asia, as well as Macao’s largest entertainment venue, the Cotai Arena. Sands China properties collectively feature over 11,700 luxury suites and hotel rooms, more than 150 different restaurants and food outlets, spas and theaters for live performances, as well as other integrated resort amenities.

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