Content Writer: Janice Chew • Thursday, 25/10/2025 - 23:05:02 - PM
The Las Vegas Sands Corp. (LVS) has quietly increased its stake in Sands China Ltd. to 74.76%, bringing it very close to the 75% cap imposed by the Hong Kong Exchange under its public float rules. This move comes after the company spent approximately US$337 million between 1 July and 10 October 2025 to raise its interest by about 1.4 percentage points.
This development is significant for several reasons. First, the 75% threshold effectively marks a ceiling for LVS’s ability to increase its direct ownership in Sands China without triggering additional listing or float-requirements. The Hong Kong Exchange mandates that at least 25% of a company’s issued share capital must be publicly held. Second, LVS has been consistently signalling its intention to deepen its investment in Macau via Sands China. For example, in December 2023 the company committed about US$250 million and in September 2024 another US$103 million toward additional share purchases of Sands China.
From an investor perspective, tightening LVS’s shareholding in Sands China suggests a strategic bet on the Macau market’s recovery and long-term growth. Recent industry commentary indicates Sands China is performing strongly, with noted growth in Macau integrated resort operations. However, the move also introduces potential structural risks. With reduced public float, minority shareholders may face liquidity constraints and the stock could become less attractive to certain institutional investors due to governance or free-float concerns. From LVS’s viewpoint, getting this close to the cap may force the company to pause further acquisitions or consider structural alternatives (e.g., delisting, buy-outs) if it wants to go further.
In conclusion, LVS’s push to nearly 75% in Sands China highlights both its confidence in Macau’s long-term game and resort market and the regulatory boundaries it must navigate in the Hong Kong listed environment. How the company balances future investment in Sands China with the public-float rules and broader investor sentiment will be a key watch-point for stakeholders.
