Las Vegas Sands (LVS) has increased its ownership in Sands China to 75.01% following its recent purchase of 1.62 million shares.
Sands China said the shares were acquired by Venetian Venture Development Intermediate II, its direct parent and an indirect wholly owned subsidiary of Las Vegas Sands.
The transaction increased LVS’s stake from approximately 74.8% to just above the 75% threshold.
The share purchase pushed Sands China’s public ownership below the 25% initial prescribed threshold under the bourse’s listing rules.
The company will instead rely on an alternative listing requirement, which calls for at least 10% of shares to remain publicly held and a public float worth at least HK$1bn.
Sands China comfortably meets both conditions, with its public float currently valued at HK$30.64bn.
The company said the alternative threshold provides the group with greater flexibility to execute future capital management transactions.
In Q2, Sands China generated revenue of $1.79bn, down 0.4%, while adjusted property EBITDA decreased 24% to $430m. It reported net income of $107m, representing a 50% decline.
Rolling-table volume increased 73%, non-rolling volume rose 15% and slot and electronic table game volume grew 30%. However, the rolling-chip win rate fell to 1.35%, compared with the operator’s 3.3% expected rate.
Las Vegas Sands estimated that the lower hold reduced Macau adjusted property EBITDA by $87m.
Non-rolling table win increased 7% to $1.47bn and slot win rose 21% to $222m. Sands China’s share of Macau mass-market gaming revenue also increased from 24% to 25%, although the operator said market growth remained concentrated in the premium segment.
Las Vegas Sands started a comprehensive overhaul at its flagship Venetian Macao property which will see all rooms renovated by Chinese New Year 2028
