Las Vegas Sands is to reduce its debt by $1bn as part of a debt-refinancing plan.
The operator announced an amendment to its credit facility, under which it has extended the maturity of three-quarters of its $3.9bn in outstanding loans to 2015 and 2016.
“We are pleased to announce that we are paying down over $1bn of debt, which significantly advances our deleveraging strategy,” said the company’s chairman and chief executive officer, Sheldon G Adelson.
“Additionally, the successful execution of this amendment has extended our debt maturities at favourable interest rates, strengthened our balance sheet, meaningfully enhanced our liquidity and leave our company well positioned to pursue additional growth opportunities in emerging markets.”
The strong performance of its operations in Asia helped Las Vegas Sands achieve record results in the second quarter to June 30.
The company announced second quarter revenues of $1.59bn, an increase of 50.6 per cent on the $1.06bn recorded in the same period in 2009. Property EBITDA, meanwhile, rose by 91.2 per cent to $473.5m.
Operating income in the three-month period increased significantly to $166.8m, compared with a loss of $171.3m a year earlier. According to the company, this increase was due to stronger results across its properties in Macau and the opening of Marina Bay Sands in Singapore.
