US asset manager Waddell & Reed is taking a big slug of money in Sands China off of the table by selling a $1.3bn stake in the Macau casino operator.
The asset manager said it was going to use the proceeds from the sale to invest in Sands China's parent company, gaming magnate Sheldon Adelson's Las Vegas Sands, explaining this was because the parent company's shares offered better liquidity.
Waddell & Reed had been the largest investor in Sands China after Las Vegas Sands.
It is selling its shares at HK$55.27 to HK$55.90, a discount of up to 5.1 per cent to Tuesday's closing price, according to a term sheet circulated to potential investors.
From Waddell & Reed's public statement on the share sale:
The portfolio managers noted the benefit of greater market liquidity in shares of Las Vegas Sands compared to Sands China Ltd., and added that the transaction improves the overall liquidity of the Asset Strategy portfolios. The managers said they continue to have a positive view on the investment outlook of Las Vegas Sands and its ability to generate revenue in China and elsewhere around the world. As a result of this transaction, Las Vegas Sands is one of the largest holdings in the Asset Strategy portfolios.
Sands China announced record quarterly revenues of $2.7bn for the first quarter of this year as wealthy mainland Chinese gamblers continued to flock to its resorts, such as the Venetian Macao.
Macau casinos revenues may potentially come under pressure from the Beijing government's ongoing crackdown on corruption and the illicit flow of money out of the country. As the FT's Demetri Sevastopulo wrote here:
Many people have been finding ways to circumvent Chinese exchange controls in order to gamble in Macau.
美国资产管理公司Waddell & Reed正寻求出售其在澳门博彩集团金沙中国(Sands China)价值13亿美元的持股。
Waddell & Reed表示，将利用出售所得投资于金沙中国母公司、谢尔登?阿德尔森(Sheldon Adelson)的博彩巨擘拉斯维加斯金沙集团(Las Vegas Sands)。Waddell & Reed解释称，这是因为拉斯维加斯金沙集团股票的流动性更高。
Waddell & Reed此前一直是金沙中国第二大股东，仅次于拉斯维加斯金沙集团。
根据发放给潜在投资者的投资条款公告，Waddell & Reed正以每股55.27港元至55.90港元的价格出售其在金沙中国的持股，这一价格区间较周二收盘价最高折让5.1%。
Waddell & Reed就此次股权出售发表公开声明称，其投资经理们发现，拉斯维加斯金沙集团股票的市场流动性高于金沙中国，这笔交易将改善其“资产战略( Asset Strategy)投资组合”的整体流动性。这些经理们还表示，他们仍然对拉斯维加斯金沙集团的投资前景及其在中国和全球其他地区创造收入的能力感到乐观。