LVS changes
Pick any two versions below to diff them.
- Price
- $36.53 → $40.23(+10.1%)
- Discount category
- Well below intrinsic value → Below intrinsic value
- Balance sheet
- Cash: $2.9B Debt: removed: $15.3B added: $15.4B Net debt: removed: $12.4B added: $12.6B Interest cover: 3.8× Undrawn credit line: $4.3B At September 30, 2026, added: the carrying amount of debt was removed: $15.30 added: $15.44 billion, net of removed: deferred offering costs and original issue discounts and removed: without finance leases. added: issuance costs. Of this, $1.57 billion was due within 12 months and $13.88 billion was long term. The Q3 2026 release does not split the debt by borrower. At June 30, 2026, about $6.31 billion was at Sands China and about $3.95 billion was Singapore term loans for Marina Bay Sands. Unrestricted cash was $2.86 billion, down from $3.38 billion at June 30, 2026. Undrawn credit is the $4.27 billion available under the US, Sands China and Singapore revolving credit facilities. Another $4.57 billion of a delayed draw term loan is only for the Marina Bay Sands expansion. Interest cover is operating income divided by interest expense for the first nine months of 2026: $2,140 million against $563 million. The weighted average borrowing cost was 4.7% in Q3 2026. The debt due within 12 months removed: is not shown until the Q3 2026 10-Q. At June 30, 2026, it included added: the $700 million of Sands China notes due March 2027 and $750 million of notes due June 2027. added: On November 3, 2026, Sands China sold $1.0 billion of new notes at 6.400% and 6.700% to redeem the $700 million of 2.300% notes and repay its revolving credit facility, so its interest cost will rise. In the first nine months of 2026, the company used about $2.48 billion for share buybacks. As of Sep 30, 2026.
- Recent events
- added: Nov 3, 2026: Sands China, the Macao subsidiary of Las Vegas Sands, closed the sale of $1.0 billion of senior notes that it priced on October 27, 2026: $700 million of 6.400% notes due 2032 and $300 million of 6.700% notes due 2033. It plans to use the money and cash to redeem all of its $700 million of 2.300% notes due 2027, to repay its 2024 revolving credit facility and for general purposes, including capital spending. The new notes pay about four points more interest than the notes they replace. Oct 21, 2026: Las Vegas Sands reported Q3 2026 results. Net revenue was $3.22 billion, compared to $3.33 billion a year earlier, and diluted EPS was $0.48. Adjusted property EBITDA fell to $1.12 billion from $1.34 billion. Macao rose to $529 million from $430 million in Q2 2026 but fell from $601 million a year earlier. Marina Bay Sands fell to $590 million from $743 million. The company bought back $950 million of shares and raised its stake in Sands China to 75.56%. The Board raised the quarterly dividend for 2027 by 20% to $0.36 per share. Oct 14, 2026: Las Vegas Sands said that it will report Q3 2026 results on October 21, 2026, after the market closes. Sep 1, 2026: A subsidiary of Las Vegas Sands bought about 1.62 million Sands China shares, which raised its stake to 75.01%. Sands China's public float fell to 24.99%, below the usual 25% minimum in Hong Kong. Press reports say that Sands China now uses an alternative public float test, which it says it meets. Jul 22, 2026: Las Vegas Sands reported Q2 2026 results. Net revenue was $3.15 billion, compared to $3.18 billion a year earlier, and diluted EPS was $0.53. Adjusted property EBITDA fell to $1.12 billion from $1.33 billion: Macao fell to $430 million and Marina Bay Sands fell to $689 million. The CEO said that unusually low hold in rolling play hurt the Macao results. The company bought back $787 million of shares. Jul 21, 2026: The Board increased the remaining share buyback authorization to $6.0 billion and extended it to July 21, 2029. May 13, 2026: Las Vegas Sands issued $500 million of 5.300% senior notes due 2031 and $500 million of 5.650% senior notes due 2033. It used the money and cash on hand to redeem its $1.0 billion of 3.500% notes due August 2026. Apr 22, 2026: Las Vegas Sands reported Q1 2026 results. Net revenue rose 25.3% to $3.59 billion, diluted EPS rose 73.5% to $0.85, and adjusted property EBITDA rose 24.6% to $1.42 billion. It bought back $740 million of shares.