Las Vegas Sands Corp. (LVS) plans to issue five- and seven-year senior unsecured bonds to refinance USD1 billion of 3.5% notes due in August 2026, while also funding general corporate purposes and share repurchases, according to a Monday filing.
The debt move comes amid credit upgrades for the casino operator and its Macau unit Sands China Ltd. (SCL), with Fitch Ratings assigning a BBB rating to the planned offering.
Fitch cited “improved credit metrics, strong performance in Singapore, and a continued but slightly weaker-than-expected rebound in the Macau market.”
Meanwhile, S&P Global Ratings expects adjusted net debt leverage to remain around 2.5x through the completion of Marina Bay Sands’ $8 billion expansion, which is targeted for early 2031.
S&P said the transaction is a debt-for-debt exchange and therefore does not affect LVS’ BBB issuer credit rating or its stable outlook.
S&P upgraded LVS, citing a leverage cushion and a lack of near-term, large-scale development spending. It said legalization in Thailand and Texas is unlikely in the near term, while LVS exited New York in 2025. Material capital expenditures are deferred until LVS completes its $8 billion Singapore project, expected to open in 2031.
“We expect LVS will finance remaining capex with funds from its Singapore delayed-draw term loan, which had $4.9 billion available as of March 2026,” S&P wrote. NS
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