Recently, Fitch upgraded Las Vegas Sands’ ($LVS) debt from BB+ to BBB-.
This is a response to rising cash flow and EBITDA from Macau. This recovery is something DKI has been writing on for more than a year. The Fitch upgrade assumes that Sands continues to pay the current dividend, continues to buy back hundreds of millions of dollars of stock each year, and pays a $500MM licensing fee for an integrated resort in New York.
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