LVS raises stake in Macau unit to 75.01%

Las Vegas Sands Corp. (LVS) has increased its stake in Sands China Ltd. (SCL) to 75.01%, pushing the Macau casino operator’s public shareholding below the Hong Kong Stock Exchange’s standard 25% threshold, according to a Tuesday filing.

Sands China said it continues to meet an alternative requirement because the market value of its public float is about HKD30.6 billion.

LVS’ subsidiary, Venetian Venture Development Intermediate II, purchased 1,623,200 Sands China shares on the open market on Sept. 1, according to the filing. The purchase lifted its holding to 6.071 billion shares, or 75.01%, leaving public investors with 2.023 billion shares, or 24.99%, of Sands China’s 8.093 billion issued shares.

The alternative threshold requires the public float to have a market value of at least HKD1 billion and represent at least 10% of the company’s issued shares in the relevant class.

The purchase marks the latest step in LVS’ gradual increase of its ownership of the Macau business. Its stake stood at about 69.9% in 2023 before rising to 72.13% in 2024 and 74.8% at the end of 2025. Sands China’s 2025 annual report recorded the 74.8% holding as of Dec. 31, 2025, while company filings showed the same level as of June 30, 2026.

The increased stake gives LVS greater economic exposure to Sands China while reducing the proportion of shares available for public trading. A smaller free float can potentially affect trading liquidity, although SCL’s stated market value of publicly held shares remains well above the alternative regulatory minimum.

The move also underlines LVS’ continued commitment to investing in Macau.