Junk-rated Las Vegas Sands Corp., the casino operator controlled by billionaire Sheldon Adelson, is getting investment-grade treatment from banks as cash flow from its properties in Asia outpaces those in the U.S.

Lenders participating in a S$4.6 billion ($3.6 billion) credit facility dropped demands that the Las Vegas based company use any excess cash at the end of its financial year to reduce the loan's outstanding balance, two people familiar with the matter said on June 4. Typically, only high-grade borrowers are awarded such terms.

The perception of Las Vegas Sands's credit quality is improving as its Asian casinos benefit from economies in the region that are expanding faster than the rest of the world. The company said its first-quarter casino revenue in Singapore, where it runs the 2,561-room Marina Bay Sands, increased 51 percent to $701.3 million, almost 4.5 times the $158.7 million of revenue from its casinos in Las Vegas.