Ratings agency Moody’s says it expects global gaming giant Las Vegas Sands Corp to maintain covenant compliance, with leverage in the low 3x range, despite the substantial expansion and renovation projects it is currently working on in Singapore and Macau.
Affirming the Baa3 senior unsecured rating of LVS and its Macau subsidiary Sands China Ltd, both with a stable outlook, Moody’s pointed out that the group continues to benefit from the quality and established market positions of its integrated resorts, which the agency said it expected to provide favorable long-term gaming demand.
LVS operates Marina Bay Sands in Singapore and multiple integrated resorts in Macau via Sands China, of which it holds a controlling 74.8% stake.
On LVS’s financial position, Moody’s noted that liquidity remains strong, with US$3.38 billion of unrestricted cash and cash equivalents plus US$4.26 billion of availability under its approximately $5.88 billion Singapore delayed-draw term-loan facility.
“We expect LVS to maintain covenant compliance,” the agency wrote, referencing the ongoing construction of a US$8 billion expansion project at Marina Bay Sands.
It added, “The stable outlook reflects our expectation that LVS will maintain leverage in the low 3x range. The outlook also incorporates our expectation that the company will maintain ample liquidity and manage its upcoming maturities in a timely manner.”
LVS recently reported a 0.9% year-on-year decline in group-wide net revenue to US$3.15 billion and a 15.8% fall in Adjusted Property EBITDA to US$1.12 billion in 2Q26, impacted by low VIP hold in Macau and lower volume at both properties due to the World Cup.
