Sands China redeems $1.63B in notes due 2025 ahead of schedule
Sands China Ltd, the Macau-based subsidiary of Las Vegas Sands Corp, has completed the full redemption of $1.63 billion in outstanding notes due 2025. In a filing, the company confirmed that the notes were redeemed in full on 11 June, and there are now no outstanding 2025 Notes. The withdrawal of their listing from the Hong Kong Stock Exchange is expected to become effective on 20 June.
Full redemption of 2025 notes completed
Sands China had announced in May that it planned to redeem the 2025 Notes in full, subject to the closing of a financing transaction to provide sufficient funds. The redemption was carried out as scheduled, with funding sourced through a combination of drawing down on its 2024 term loan facility and using internal cash resources.
The company confirmed in its was redeemed on 11 June, and there will be no further obligations linked to the notes. The Hong Kong Stock Exchange is expected to delist the securities by 20 June 2025.
Early repayment of $1B loan
Earlier this year, Sands China also settled a $1 billion loan to its parent company, Las Vegas Sands, three years ahead of schedule. The subordinated unsecured term loan was originally issued in July 2022 and was due for repayment by 11 July 2028.
The company repaid the amount in full on 27 March 2025, with the announcement made via a filing to the Hong Kong Stock Exchange on 28 March. The loan agreement had allowed for early repayment without penalties, and the company used its existing cash flow to make the payment.
Strong financial results support moves
Sands China’s financial performance has played a key role in enabling these strategic repayments. In the first quarter of 2025, the company reported total net revenues of $1.70 billion and net income of $202 million.
The company operates five integrated resorts in Macau — The Londoner Macao, The Parisian Macao, The Venetian Macao, The Plaza Macao, and Sands Macao — which continue to drive revenue as Macau’s gaming and tourism sectors grow.
