Home News Tourism

Las Vegas Sands cut to junk by S&P on slower Macau recovery

Bloomberg2/17/2022 11:10 AM GMT+08  • 3 min read
Las Vegas Sands cut to junk by S&P on slower Macau recovery
The company carries total debt of US$14.8 billion through Dec 31.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

S&P Global Ratings has downgraded Las Vegas Sands Corp. to junk, citing a slower recovery in the Macau gaming market after omicron cases brought a fresh round of business shutdowns.

S&P now rates the company BB+, one step below investment grade, according to a report Wednesday. The gaming company is still rated high-grade by Moody’s Investors Service and Fitch Ratings, which means one of those graders would also need to cut Las Vegas Sands’ ratings for its debt to fall out of investment-grade bond indexes that are widely tracked by large mutual funds and exchange-traded funds.

The gaming industry has struggled to recover from the Covid-19 pandemic as omicron cases spiked across the world in recent months, causing another round of shutdowns and restrictions on international travel which are just now beginning to lift. Las Vegas Sands owns and operates casino resorts in Macau and Singapore, and reported total debt of US$14.8 billion through Dec. 31, according to a filing.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.