Las Vegas Sands increased its ownership of Sands China to 75.56% during the quarter ending in September, extending a buyback strategy centered on its Macau subsidiary. The parent company acquired 62 million Sands China shares for HK$793 million, about $101 million, according to reporting by Ben Blaschke for Inside Asian Gaming.
The purchase followed an earlier move above the 75% ownership threshold. That level required a change in the public-float framework used to comply with Hong Kong listing rules, allowing the group to continue buying shares while maintaining the required market float.
Chairman and chief executive Patrick Dumont said during the company's third-quarter call that management sees long-term value in reducing the share counts of both Las Vegas Sands and Sands China. The company's investor-relations calendar lists the October 21 earnings call and presentation.
Sands China also reported $529 million in adjusted property EBITDA from Macau operations for the September quarter. Management said the business recorded its highest mass-market gross gaming revenue share in more than three years while maintaining higher spending on service, marketing and customer experience.
