alip langsung meluncur di ajak nongkrong setelah berhasil maxwin main slot olympustrik unggul princes maxwin 120 juta hari inisitus slot gacor spesial hari ini sweet bonanzaslot mahjong ways penuh berkah kemenangan maxwin tujuh turunanadmin erik membongkar dunia jackpot di slot gacor online sweet bonanzabocoran admin celine selalu jackpot untuk slot gacor online pragmatic playcara mengubah saldo dana jadi jackpot 500 juta rupiah di slot online pragmatic playcara mengubah saldo gopay jadi jackpot 100 juta rupiah di slot online pg softcheat pola gacor slot online mahjong ways2pintu kemenangan slot online princess x1000pola gacor dari pesulap merah untuk slot online mahjong ways2strategi sukses jackpot di slot princess x1000teknologi terbaru pemecah pola gacor slot princess x1000tips maxwin di slot online olympustutorial simple dari bang riiy seputar permainan slot online mahjong waysbang taufik preman pensiun yang beralih cari penghasilan dari mahjong waysbocoran dari kakek dan putrinya banjir perkalian di slot online pragmaticdeni bagikan trik ampuh jackpot main slot starlight princessbocoran pola jitu maxwin besar gates of olympussitus pasti jebol maxwin gates of gatot kacacara menang mudah maxwin slot mahjong scatter hitamtemukan slot naga hitam pada game mahjong ways asliteknik jitu raih kemenangan maksimal slot maxwin mahjong waysbocoran maxwin dari sugiono untuk jackpot besar di slot gacor online pragmatic playcara menjadi sultan ala bos batubara meledak jackpot di slot gacor onlinecurhatan cecil saat jackpot dan membocorkan cara jackpot di slot gacor hand of midasbonus free spin pecahan x500 turun di slot olympuspecahan pola cantik di slot online olympus1000strategi lama yang memberikan kemudahan jp di slot princess x1000cerita bang sidik buang air besar sambil main mahjong ways berujung maxwinbang yamin kepedesan makan seblak malah hoki di slot online mahjong waysprofit yang tidak terduga teh yuli dagang kopi keliling sambil main mahjong waysikuti pola gacor main slot starlight princess dari bang alex dijamin pasti menang besarilmu sakti naga hitam menurunkan scatter hitam di slot mahjong ways membawa hokislot maxwin gampang jackpot 13slot maxwin gampang jackpot 14slot maxwin gampang jackpot 15slot maxwin gampang jackpot 16slot maxwin gampang jackpot 17slot maxwin gampang jackpot 18awali hari sambil main slot membuka pintu rezeki dapat duit jutaanstrategi main slot sweet bonanza anti rungkad langsung jackpotslot starlight princess slot tergacor hari initrik jitu cara menurunkan scatter hitam di slot mahjong ways dijamin wede jutaankumpulan situs rtp tinggi hanya ada disini Sands China Dividend Taking Back Seat To Deleveraging - Casino Lucky

Sands China Dividend Taking Back Seat To Deleveraging

Must read

[ad_1]

Posted on: July 24, 2023, 03:15h. 

Last updated on: July 24, 2023, 03:15h.

Sands China is likely to focus on reducing leverage before restoring its dividend.

Sands
Sands Cotai Central in Macau. Operator Sands China is likely to focus on paring debt before restarting its dividend. (Image: Sands China)

That’s the take of Lucror Analytics, a Singapore-based research firm that covered the issue in a recent report to clients. The uncertain near-term outlook for Sands China’s payout arrived following news that parent company Las Vegas Sands (NYSE: LVS) is restoring its quarterly dividend to the tune of 20 cents a share. The operator made that announcement last week in conjunction with its second-quarter earnings report.

This is as the company is required to meet leverage covenants from the first quarter 2024 onwards under the terms of its credit facilities,” said Lucror of Sands China.

Put simply, the operator of five Macau integrated resorts likely needs permission from creditors to restarts its dividend and odds of that approval are likely to be enhanced by firming its balance sheet, including reduced outstanding liabilities.

Sands China Dividend Outlook not Surprising

Las Vegas Sands suspended its payout and that of Sands China during the early stages of the coronavirus pandemic in 2020. Rivals committed to similar moves to conserve cash amid closures of Macau properties due to the global health crisis.

In 2020 and 2021, Macau concessionaires borrowed heavily to stay afloat and some agreements with lenders included provisions regarding the reinstatement of dividends. That includes an accord Sands China struck with creditors in May.

Under the terms of the new agreement, the credit facility allows for borrowings up to $2.49 billion, but Sands China must extend by 18 months the period in which it doesn’t pay dividends, assuming borrowing on the revolver exceeds $2 billion.

During the second quarter, Sands China’s net debt decreased by $701 million, or 8%, to $7.7 billion as the company used cash to repay $1.2 billion that was outstanding on a revolving credit facility.

Macau Recovery Could Help Sands China Dividend Case

Ongoing recovery in Macau, where Sands China is the largest operator by market share, could be supportive of dividend restoration. Analysts are forecasting that July will be Macau’s best month in terms of gross gaming revenue (GGR) since January 2020, and that GGR there could return to 2019 levels at some point before the end of this year.

However, Lucror noted Sands China’s gross gaming revenue (GGR) rebound this year has been tepid compared to some rivals. On the other hand, there is good news for the Venetian Macau operator.

“Still, Sands China’s GGR recovered to 71 percent of the second-quarter 2019 level, outperforming the industry,” which he said stood at 62 percent of pre-pandemic level,” concluded the research firm.

[ad_2]

Source link

More articles

- Advertisement -spot_img

Latest article