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.
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