{"id":208125,"date":"2022-04-05T11:04:46","date_gmt":"2022-04-05T18:04:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=208125"},"modified":"2022-04-05T14:01:44","modified_gmt":"2022-04-05T21:01:44","slug":"sands-china-taps-credit-revolver-to-survive-through-end-of-2022","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/","title":{"rendered":"Sands China Can Survive at Least Through 2022 End, Says Company"},"content":{"rendered":"

Sands China, the Macau arm of Las Vegas Sands (NYSE:LVS), said it drew $201 million on a credit revolver last month, providing the gaming company with enough capital to survive through the end of this year.<\/p>\n

\"Sands
Sands China’s Parisian Macau, seen above. The operator tapped a credit facility to stay afloat this year. (Image: Forbes<\/em>)<\/figcaption><\/figure>\n

The owner of five integrated resorts in the world\u2019s largest casino center announced a Form F-4 filing with the Securities and Exchange Commission (SEC). Sands China noted it has $1.54 billion remaining on that credit facility.<\/p>\n

The filing emerges about a week after Morgan Stanley analysts saw Macau operators as rapidly burning through cash, pointing to Sands China and MGM China as having enough capital to survive just nine months<\/a> at current burn rates.<\/p>\n

Based on the current forecasts, we believe we are able to support continuing operations, complete the major construction projects that are underway and respond to the current COVID-19 pandemic challenges for at least 12 months from the end of the reporting period,\u201d said Sands China in the filing.<\/p><\/blockquote>\n

Morgan Stanley estimates Macau concessionaires are burning $800 million per quarter, with the most imperiled by the Grand Lisboa operator SJM Holdings. The bank added Galaxy Entertainment is the only one of the six operators in the special administrative region (SAR) that doesn\u2019t need to raise capital over the near term.<\/p>\n

Sands China Remains Optimistic<\/h2>\n

Further muddying the financial waters for Macau concessionaires are growing debt burdens. Last month, Morgan Stanley said the six operators have a combined $20 billion<\/a> in liabilities, which could jump to $23 billion by the end of this year. That\u2019s up from just $5 billion prior to the onset of the coronavirus pandemic.<\/p>\n

\n

A recent surge of COVID-19 cases<\/a> in mainland China and Hong Kong \u2014 two of the major travel arteries to Macau \u2014 is extending a lengthy road to recovery for the world\u2019s largest casino center, pressuring long-slumping share prices in the process.<\/p>\n<\/div>\n

Despite the headwinds, Sands China remains bullish on Macau. It doesn\u2019t have much choice, as the SAR is home to five of its six integrated resorts, with the other being Marina Bay Sands in Singapore.<\/p>\n

\u201cWe believe visitation [to Macau] will return to pre-pandemic levels and will continue to experience meaningful long-term growth,\u201d said the company in the SEC filing.”<\/p>\n

Near-Term Outlook<\/h2>\n

China\u2019s zero-tolerance regarding the coronavirus is a significant drag on tourism and an obvious headwind for Macau\u2019s recovery efforts.<\/p>\n

Last month, the negative test to enter casinos mandate was scrapped. But a mask requirement remains in place, as do limits on the number of players at table games and spacing requirements for slot play.<\/p>\n

\u201cManagement is currently unable to determine when the remaining measures will be eased or cease to be necessary,\u201d said Sands.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sands China, the Macau arm of Las Vegas Sands (NYSE:LVS), said it drew $201 million on a credit revolver last month, providing the gaming company with enough capital to survive through the end of this year. The owner of five integrated resorts in the world\u2019s largest casino center announced a Form F-4 filing with the […]<\/p>\n","protected":false},"author":46,"featured_media":208126,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nSands China Taps Credit Revolver To Survive Through End of 2022<\/title>\n<meta name=\"description\" content=\"Sands China draws on credit revolver, says it will survive through at least end of 2022.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sands China Taps Credit Revolver To Survive Through End of 2022\" \/>\n<meta property=\"og:description\" content=\"Sands China draws on credit revolver, says it will survive through at least end of 2022.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-05T18:04:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-05T21:01:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/PM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/\",\"url\":\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/\",\"name\":\"Sands China Taps Credit Revolver To Survive Through End of 2022\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/PM.jpg\",\"datePublished\":\"2022-04-05T18:04:46+00:00\",\"dateModified\":\"2022-04-05T21:01:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sands China draws on credit revolver, says it will survive through at least end of 2022.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-china-taps-credit-revolver-to-survive-through-end-of-2022\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/PM.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/PM.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Sands China's Parisian Macau. 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