Las Vegas Sands will invest up to HK$800 million (US$103 million) to further increase its stake in Macau subsidiary Sands China, boosting its controlling interest to almost 72%.
Sands China said by way of a Tuesday filing that it had been informed by LVS of its intentions, to be enacted by way of a share purchase transaction involving Venetian Venture Development Intermediate II and a financial institution.
Venetian Venture Development Intermediate II is the immediate controlling shareholder of Sands China and an indirect wholly-owned subsidiary of LVS.
According to Sands China’s filing, Venetian Venture Development Intermediate II will pay up to HK$800 million for the purpose of purchasing shares in the company, which at closing price on 9 September represents 59,612,518 shares or 0.74% of the total shares on issue.
LVS previously invested HK$1.95 billion (US$250 million) in December 2023 to lift its stake from less than 70% to around 71%. The company had first hinted at increasing its stake back in 2021 following the sale of its Las Vegas gaming assets for US$6.25 billion.
Sands China operates multiple integrated resorts in Macau, namely Sands Macao, The Venetian Macao, The Londoner Macao, The Parisian Macao and Four Seasons Macao.
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