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The repayment of $1.8 billion in debt due in August 2025 issued by Macau casino operator Sands China is likely to match "Sands China's debt repayment level," CBRE Capital Advisors Inc said on Monday. 카지노사이트

Sands China's parent company, Las Vegas Sands Corporation (LVS), also has $1.75 billion in debt due in August this year, and the group plans to raise funds "in short order," CBRE said, citing comments from management.

The agency also observed that there would be a refinancing of $500 million in Las Vegas Sands debt due in June 2025.

Colin Mansfield and Connor Parks, analysts at CBRE, added: "We expect the Company's issuance to be well-received in the capital markets given their high-quality assets, enviable geographic diversity, and investment grade."

S&P Global Ratings rates Las Vegas Sands debt as 'BBB-/Stable', Moody's Investors Service Inc as 'Baa3/Stable' and Fitch Ratings Inc as 'BBB-/Stable'. CBRE observed this in an update.

"Both Las Vegas Sands and Sands China Bonds have outperformed the broader 'BBB' index this year," it said

"Management reiterated its commitment to longstanding financial policy, maintaining investment ratings and '2.0 to 3.0 times' total leverage," analysts Mansfield and Parks said, referring to the recent first-quarter earnings call with Las Vegas Sands

"We expect leverage to continue to decline, primarily thanks to EBITDA [earnings before interest, taxation, depreciation and amortization] growth, and some debt is repaid when Sands China's '25s [2025 bonds] refinance."

In addition to operating a casino resort collection in Macau (pictured, Venetian Macau), the US parent company also controls the Marina Bay Sands gaming resort in Singapore.

Marina Bay Sands saw a sequential 9.7% increase in adjusted real estate EBITDA in the first quarter to $597 million, an improvement of 51.5% year over year, but Sands China saw a sequential 6.7% decrease in quarterly EBITDA amid low holding.

"Total leverage improved thanks to EBITDA growth," CBRE added of Casino Group's overall Q1 situation. "Total leverage on a consolidated basis improved from 3.6x to 3.3x quarter-over-quarter.

"The standalone leverage in Macau and Singapore also improved sequentially to 3.6x and 1.5x, respectively, including net royalty fees paid to parent Las Vegas Sands and a $1.06 billion subordinated loan from Sands China," CBRE said.

"EBITDA growth alone can achieve targeted leverage levels, but we want to conservatively reduce Sands China's absolute debt levels given the debt raised during the pandemic," CBRE said across the group.