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Las Vegas Sands atrae críticas mixtas de agencias de calificación sobre la venta veneciana | Casino Miami
  • Jue. Ago 5th, 2021
18 | Juega de forma responsable | T y C Aplicados​

Publicado: 6 de marzo de 2021, 07: 41h.
Última actualización: 7 de marzo de 2021, 11: 45h.

Todd Shriber Leer más

El miércoles, Las Vegas Sands (NYSE: LVS) anunció la venta del Venetian Resort and Sands Expo and Convention Center en el Strip por 6.250 millones de dólares, eliminando efectivamente, al menos por ahora, su cartera de Estados Unidos.

Venetian Las Vegas. Las agencias de crédito están mezcladas con la decisión de Las Vegas Sands de vender el lugar. (Imagen: Las Vegas Review-Journal)

La firma de capital privado Apollo Global Management está adquiriendo los derechos operativos de los lugares de Strip, mientras que el fideicomiso de inversión en bienes raíces de juego (REIT) VICI Properties está comprando los activos inmobiliarios. Los analistas de acciones del lado de la venta aprueban ampliamente la medida de LVS. Pero esa uniformidad no se extiende a dos de las tres principales agencias de calificación crediticia.
El día después del anuncio, Fitch Ratings y Moody's Investors Service emitieron opiniones diferentes sobre la decisión de la compañía de juegos de deshacerse de las propiedades en la ciudad con la que comparte un nombre.

Fitch ve la transacción como un crédito levemente negativo. Positivamente, proporciona a LVS liquidez adicional y mejora el apalancamiento sobre una base neta consolidada ”, dijo la firma de investigación. “Negativamente, la venta de activos reduce la liquidez contingente de LVS al tener la capacidad de gravar sus activos de Las Vegas. La transacción también aumenta el apalancamiento bruto a corto y mediano plazo, reduce marginalmente la diversificación y genera cierta incertidumbre con respecto al uso final de los ingresos ”.

Ambos evaluadores de crédito tienen los grados de inversión más bajos posibles en el operador del complejo integrado.
Perspectiva negativa, pero también algunos aspectos positivos
Fitch tiene una perspectiva “negativa” sobre la calificación crediticia BBB- de LVS, citando condiciones operativas débiles en Macao y Singapur, los mercados restantes de la compañía.

La firma de investigación dice que es poco probable que esas regiones, que representaron el 91 por ciento de las ganancias del operador antes de intereses, impuestos, depreciación y amortización en 2019, se recuperen por completo de los efectos de la pandemia de coronavirus antes de 2023. al menos una parte de los ingresos de las ventas de Las Vegas se asignará a propiedades de Macao y Singapur. Incluso con la perspectiva negativa, Fitch ve algunos aspectos positivos.

“La cobertura total de la deuda estadounidense por el capital residual de las subsidiarias asiáticas, así como las regalías pagadas a la matriz por las subsidiarias asiáticas, sigue siendo sólida pro forma para las transacciones”, dijo la firma de investigación. “Además, los ingresos en efectivo se utilizarán principalmente para invertir en las subsidiarias nuevas o existentes, que deberían expandir aún más el valor del capital acumulado para la matriz”.
Moody's más optimista
Moody's calificó la decisión de separarse del Sands Convention Center y del Venetian como un "crédito modesto positivo". Esa agencia calificadora también tiene una perspectiva “negativa” sobre el perfil crediticio de Sands.
La firma de investigación agrega que la transacción brinda a LVS "un capital adicional significativo, lo que mejora aún más la liquidez al tiempo que brinda flexibilidad para continuar reinvirtiendo en Macao y Singapur, así como para buscar oportunidades adicionales de crecimiento y reducción de la deuda".
Moody's tiene una calificación de Baa3 en Sands. Los analistas de renta variable de EE. UU. Creen que es posible que el operador pueda usar parte del efectivo de la venta para restaurar parcialmente un dividendo que se suspendió el año pasado. Utilizaría los fondos para realizar nuevos proyectos nacionales en Nueva York o Texas, y quizás considerar adquisiciones.

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