Sands China Eyes Dividend Restart in 2025, Suggests Analyst

A buyout of minority shareholders’ interest in Sands China or a potential delisting from the Hong Kong Stock Exchange is unlikely, an expert suggested while discussing current and future prospects for the popular Macau casino operator.

Seaport Research Partners’ analyst, Vitaly Umansky, cited talks with Sands China’s parent company, Las Vegas Sands Corp from the 2024 Seaport Annual Summer Conference, highlighting that the aforementioned scenarios don’t seem likely “at this stage.” In a note to investors on Friday, the expert pointed to further business moves the company may accomplish in 2025, as announced by GGR Asia.

Umansky predicted that Las Vegas Sands is likely going to increase its stake in Sands China. Potentially, he said that the company may consider growing its share in the Macau casino operator from 71% to 75% or more. Additionally, Umansky said that based on talks with Las Vegas Sands, the company will likely “prioritize share buybacks – especially at current valuation – over dividend increases.”

“Further, Las Vegas Sands would likely look to buy shares in Sands China to increase its stake from approximately 71 percent today to 75 percent-plus.“

Vitaly Umansky, an analyst with Seaport Research Partners

Dividend Restart Expected in 2025

Moreover, Umansky explained that Sands China will likely retain its listing in Hong Kong as a way to reaffirm its commitment to the region. He added: “There is not a likely scenario at this stage of a full buyout of the Sands China minority, and delisting of Sands China Ltd.”

“A listing in Hong Kong continues to show Sands’ commitment in China,“

added Umansky

Seaport Research Partners’ expert predicted that the company may restart its dividend at some point next year. Still, he acknowledged that this is contingent on the performance of Londoner, which is expected to open partially by the end of the year.

The partial opening of Londoner was confirmed by Robert Goldstein, Las Vegas Sands’ chairman and chief executive, upon the release of the company’s Q2 results last month. While Goldstein hinted at a partial opening of the property in December, Umansky said that the resort may open its doors to visitors “slightly earlier.”

Last month, Las Vegas Sands reaffirmed its support for the legalization of gambling in Texas after meeting with local leaders. At the time, representatives of the company met with North Texas leaders in hopes of delivering resort-style gambling to the state. If Texas expands its gambling sector, an estimated 70,000 new permanent jobs are expected to be created.