Sands China has borrowed US $ 1 billion from its parent company, Las Vegas Sands Corporation (LVS), as Macau’s economic situation gets colder with the knock-on effect of Covid-19.
The loan It can be repaid in 2028 and will not be penalized if paid in advance.
According to LVS, we will provide a loan to Sands China to support the group’s working capital and general corporate objectives.
LVS emphasized Sands China’s confidence in Macau’s long-term growth potential, and said loan availability further enhances its balance sheet and liquidity.
Loan news says Macau’s main source of income, the city’s casinos, will be closed and the government will close all non-critical businesses to curb the proliferation of Covid-19 Omicron variants that surged on the 18th. Because I ordered. In June, the number of confirmed cases surged to more than 1,500.
This is due to a sharp drop in visitor numbers due to the new coronavirus, which has significantly reduced the revenues of game operators in the city for more than two and a half years.
Last month, Macau’s Total Game Revenue (GGR) was only 2.48 billion MOP compared to January 2020 MOP 22.17. The minimum monthly GGR before Macau closed its border was 20 billion mops.