Las Vegas Sands Corp. has quietly increased its stake in Macau concessionaire Sands China to almost 74.8% over the past three months – bringing it close to the 75% limit under Hong Kong’s public float listing rules.
Investment bank JP Morgan revealed in a Thursday note that LVS had spent US$337 million of its own money between 1 July and 10 October 2025 to grow its interest by around 1.4 percentage points to 74.76%, edging it closer to its maximum holding. The Hong Kong Exchange requires at least 25% of a company’s issued share capital be held by public investors.
LVS has previously outlined its intention to use some of the proceeds from the 2023 sale of its Las Vegas assets to increase its stake in Sands China, held through indirect wholly-owned subsidiary Venetian Venture Development Intermediate II. This included a US$250 million investment in December 2023 and another US$103 million investment in September 2024.
