• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 17 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Sands China dividend payments restricted until 2025 under amended US$2.5 billion facility agreement

Ben Blaschke by Ben Blaschke
Mon 15 May 2023 at 05:36
POST-COVID4: Are we there yet?
29
SHARES
722
VIEWS
Print Friendly, PDF & Email

Macau concessionaire Sands China Ltd has entered into an amended and restated facility agreement under which its lenders have agreed to extend the termination date to which the company can access the facility for two years until 31 July 2025.

However, the new agreement also extends by 18 months the period within which Sands China is restricted from paying out dividends should it fail to meet certain criteria imposed by its lenders. This restricted period will now run until 1 January 2025.

The amended facility agreement relates to an initial US$2 billion facility agreement entered into by Sands China in 2018, which was later expanded to allow the company access to an additional US$494 million if required. The 2018 agreement contained, among other things, two financial covenants requiring the company to maintain a Consolidated Leverage Ratio and a Consolidated Interest Coverage Ratio of a certain level.

In a Friday filing, the company said it has now entered into an amended and restated facility agreement with its lenders which not only ensures the facility is available until mid-2025 but also amends each of those financial covenants.

In particular, it amends the maximum permitted Consolidated Leverage Ratio on the last day of each financial quarter to 6.25x as at 31 March 2024, to 5.5x as at 30 June 2024, to 5.0x as at 30 September 2024, to 4.5 x as at 31 December 2024 and to 4.0x as at 31 March 2025.

Sands China will be restricted from paying dividends until 1 January 2025 should its borrowings exceed US$2 billion or if its Consolidated Leverage Ratio exceeds the above maximums. The restriction would be waived if Sands China had cash and cash equivalents of greater than US$2 billion and if it had more than US$2 billion in unused commitments under the facility agreement.

Sands China added that the new agreement amends the definition of “consolidated total debt” to exclude any financial indebtedness that is subordinated, including a separate US$1 billion loan facility provided by its parent, Las Vegas Sands Corp, in 2022.

The amendments, Sands China said, take effect from 31 July 2023 with the company having paid its lenders a “customary fee” for reaching a new agreement.

RelatedPosts

Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Government figures indicate Macau’s gaming industry recorded US$17.9 billion surplus in 2024

Wed 17 Sep 2025 at 18:04
Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco prices new notes offering at US$500 million

Wed 17 Sep 2025 at 06:16
The changing face of Macau

Melco to launch private hospital at Macau’s Studio City as part of 10-year non-gaming concession commitment

Wed 17 Sep 2025 at 05:06
Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Mon 15 Sep 2025 at 22:58
Load More
Tags: Dividendsloan facilityMacauSands China
Share12Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

by Newsdesk
Wed 17 Sep 2025 at 19:04

IAG sat down with Nilo Thaddeus Rodriguez – the President and CEO of Newport World Resorts – to discuss the property’s recent market share gains and what new features and attractions we can expect to see in the coming months.

Genting sued by partner in Bahamas casino Resorts World Bimini for alleged “massive and co-ordinated fraud”

Genting Malaysia looks to dismiss amended complaint filed by partner in Bahamas casino-resort, says no new material elements introduced

by Ben Blaschke
Wed 17 Sep 2025 at 19:02

Genting Malaysia has filed a motion to dismiss an Amended Complaint filed against it by a key partner in its Bahamas casino-resort, Resorts World Bimini (RWB), arguing that the complaint only repeats previously dismissed allegations. In a company announcement on...

Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Government figures indicate Macau’s gaming industry recorded US$17.9 billion surplus in 2024

by Pierce Chan
Wed 17 Sep 2025 at 18:04

Macau’s gaming industry recorded a surplus of MOP$143.1 billion (US$17.9 billion) in 2024, representing a 24.7% year-on-year increase according to information from the Statistics and Census Service (DSEC). The surplus was driven by an increase in total receipts of the...

Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Genting Malaysia plan to sell off non-gaming assets of Resorts World Catskills delayed for a second time

by Newsdesk
Wed 17 Sep 2025 at 17:06

A previously announced transaction that will involve Genting Malaysia selling off a raft of non-gaming assets associated with its Resorts World Catskills (RWC) integrated resort in New York state has been delayed for a second time to allow investors involved...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English