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Credit Rating For Las Vegas Sands Increased By Standard & Poors
Credit Rating For Las Vegas Sands Increased By Standard & Poors
The credit rating for Las Vegas Sands increased by Sands & Poors as it has done financially well and now has a capacity to expand its operations. Even after being under a huge debt of $10.1 billion, the casino resort has been given a higher credit rating.
Porto,
Porto,
Portugal
(pr4links.com)
15/07/2011
The latest news in the online casinos industry is that the credit rating for Las Vegas Sands increased by Standard & Poors. The reason behind this is that the casino resort and convention center has done financially very well. Along with this, it now has a capacity to expand its operations. Because of its current business and ability to expand, Standard & Poors (S & P) has increased its credit rating. Although Las Vegas Sands has a debt of as high as $10.1 billion, S & P could not be persuaded against this increase. The organization gave a reason in favor of its decision that the company would be able to maintain a good credit level in next few years with the leadership of Sheldon Adelson, the chairman and CEO of Las Vegas Sands. In fact, its credit rating has risen to a relatively stable position “BB” from “BB-”.
Wynn Resorts Ltd., the main competitor of Las Vegas Sands has also risen to a level of “BB+” which is just a level below the investment grade. Standard & Poors, the financial services company, has given an argument that the Las Vegas Sands’ BB corporate credit rating reflects a significant debt burden. As per Standard & Poors the rating also reflects the high levels of competition Las Vegas Sands is facing in the market and an aggressive financial policy to achieve a financial stability and developing and expanding its operations. The company has also stated that the casino resort will be able to make net revenue of $1.2 billion in Macau as it is the biggest source of revenue for it. As Macau is the biggest gaming market in the world, the net revenue by the end of the year 2011 is expected to increase by ten percent. It will then fall by 2.5 percent in the year 2012, but will again rise by three percent in 2013. This is why the credit rating for Las Vegas Sands increased by Standard & Poors.
According to S & P, the estimated EBITDA by the end of year 2011 is around &1.1 billion for Las Vegas Sands in Singapore. EBITDA is the earnings before interest, taxes, depreciation, and amortization. Apart from this, an increase of five percent in the net revenue is also expected in the year 2012 and 2013. As US economy is continuously improving, the net revenue from online casinos gaming is also expected to increase in Las Vegas Strip. Standards & Poors is expecting a similar growth in the revenue of Las Vegas Sands. The financial services company believes that the casino resort will make huge profits from the high-end market developments. This is why the credit rating for Las Vegas Sands increased by Standard & Poors.
The credit rating for Las Vegas Sands increased by Standard & Poors because it has done financially well till now and has a capacity to expand its operations.
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