Fitch flips Sands outlook to positive

Fitch Ratings said it revised its outlook for Las Vegas Sands Corp. (LVSC), Sands China, Ltd. (SCL) and Marina Bay Sands Pte. Ltd. (MBS), collectively Las Vegas Sands, to positive from negative and affirmed their BB+ issuer and unsecured debt ratings. The agency also affirmed the BBB-/RR2 ratings on MBS’ secured debt.

“Macao visitation and gaming trends have rapidly improved during the first half of 2023. Mass market gaming revenues for 2Q23 were 87% of 2Q19 levels, while visitation reached 68% of 2Q19 levels. This suggests that win-per-visitor has significantly improved. Visitation from Hong Kong is above 2019 levels, while visitors from the Guangdong Province is at 80% of 2019 levels. The remainder of China is lagging due to the reduction of airline capacity during the pandemic at both Macao and Hong Kong International Airports,” Fitch said in a press release.

The agency also noted that improving capacity at both airports should boost increased visitation and gaming revenue growth.

“The second quarter is typically the seasonal slowest of the year, so the strong visitation levels during the recent quarter should be a positive indicator for the remainder of the year,” Fitch said.

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