On September 11, Sands agreed to China with some lenders, including Bank of China Ltd, Macau Branch, to amend a credit facility for 2018. The original agreement provides for a $2.0 billion revolving unfunded credit facility, available until July 31, 2023. The Bank of Nova Scotia is part – along with other banks – of a $1.5 billion unsecured revolving credit facility for Las Vegas Sands, the statement said. According to a statement dated Thursday, lenders agreed to remove the requirement to maintain a maximum consolidated leverage ratio of 4 to 1 on the last day of a business quarter from October 31, 2020 until the end of the fourth quarter, in accordance with the original August 2019 agreement. Macau`s subsidiary recently approached Macau subsidiary Sands China Ltd and announced changes to its own $2 billion revolving credit facility, including an extension of waiver deadlines and the possibility of increasing its commitments by up to $1 billion. U.S. casino giant and Sands China parent company, Las Vegas Sands, has announced changes to its $1.5 billion credit facility that will temporarily remove some requirements, but have added restrictions on its ability to distribute dividends. However, LVS must meet a minimum liquidity of $350 million on the last day of each quarter during this period and provide a liquidity certificate to the Bank of Nova Scotia as a director within seven business days of the last day of each month. Las Vegas Sands reports Qtrly loss per share of US$1.07 Executive Vice President, Global General Counsel, Secretary. Wynn Resorts in Las Vegas has launched a $7.1 billion takeover bid for Australian casino giant Crown Resorts Ltd to expand its global presence and hedge against the expiry of its Macau license. Las Vegas Sands Corp (LVS) has agreed with one of its lenders that the casino company will not declare or distribute dividends at this time unless it has more than $1.0 billion in cash. Las Vegas Sands Corp a first-quarter loss Wednesday as the coronavirus kept consumers in check, but the casino operator suggested an optimistic note that accumulated demand for gambling showed a rapid recovery in Asia.
Casino operator Las Vegas Sands Corp. is exploring a sale of its flagship casinos in Las Vegas for about $6 billion, a source told Reuters on Monday, possibly marking the exit of the group`s chairman of the U.S. gaming industry for now. In return, the Bank of Nova Scotia agreed to relax a credit contract, said a Wednesday casino bid group. LVS did not pay a dividend to shareholders after the first or second quarter of this year, after paying a final dividend of 0.79 $US for fiscal 2020 on January 29, 2020. Under the new easing conditions with the Canadian bank, Las Vegas Sands will have to maintain – during the reference period – a minimum liquidity of $350 million from the last day of each month. The airport slot machines that wink, telling visitors that they have arrived in Sin City, Nevada, are extinguished and wrapped in a police group; The famous Las Vegas Strip is so empty that a group of cyclists, on a Friday night, zooms in on the center. In return, a dividend restriction applied from July 1 of this year until January 1, 2022 included.
The dividend restraint applied in the event that the facility exceeded the initial $2.0 billion and Sands China`s consolidated leverage ratio was greater than 4:1. In accordance with previous credit conditions with the Bank of Nova Scotia, Las Vegas Sands was required to maintain a maximum consolidated leverage ratio of 4:1 on the last day of a business quarter between October 31, 2020 and December 31, 2021 included. The amendments allowed China to apply for up to $1.0 billion in loans.