S&P Global Ratings has officially upgraded the credit ratings of Las Vegas Sands Corporation and Sands China Limited to BBB from BBB-.
This decision reflects the agency’s assessment that the group will maintain a controlled approach to financial leverage while focusing on existing commitments rather than pursuing large-scale new developments in the immediate future. Alongside the corporate upgrade, the agency increased issue-level ratings for unsecured debt while maintaining a stable outlook.
Singapore Expansion and Capital Expenditure
S&P Global Ratings anticipates that Las Vegas Sands will maintain an adjusted net debt leverage of approximately 2.5 times as it progresses with the $8 billion expansion of Marina Bay Sands in Singapore. This project is slated for completion in 2031. As of March 2026, $2.8 billion has already been allocated toward the project. A
nalysts estimate an additional $1.8 billion in capital expenditure will be required through 2028, with the remaining $2.4 billion spent in the years leading up to the opening. These costs are expected to be funded via a $4.9 billion delayed draw term loan specifically for Singapore operations.
Macau Market Resilience
A recovering Macau market remains a critical pillar for the group’s success. In the first quarter of 2026, market-wide gross gaming revenues (GGR) grew 14% year-on-year. While analysts expect this upward trend to continue, they project growth will eventually moderate to approximately 7% for the full year 2026 due to high hotel occupancy and a slower return of base mass players.
During Q1, Las Vegas Sands outperformed the broader market with a 24% revenue increase, driven by successful reinvestment strategies and strong VIP client growth.
Shareholder Return Strategy
The company’s shift toward share repurchases rather than relying solely on dividends has further strengthened its credit profile. This strategy provides the flexibility to allocate capital to growth opportunities or maintain liquidity during periods of volatility.
Total shareholder returns for 2026 are estimated at $3.2 billion, with that figure projected to rise to $3.3 billion in 2027. Total dividends for 2026 are expected to reach approximately $1.05 billion.
