LVS Fires Back at Misleading and Sensationalistic Reporting of Company's Most Recent Financial Disclosure
LAS VEGAS, NV -- (Marketwire) -- 03/03/13 --
Las Vegas Sands Corp. (NYSE: LVS) today fired back at various media headlines and press reports that have suggested that the company violated any of the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA).
The company did not report any violations of the anti-bribery provisions of the FCPA and it said news reports stating otherwise, such as the headline in today's New York Times which described the matter by saying "Casino Says it Likely Cheated," are both inflammatory and defamatory. The company said it will vigorously defend itself against that type of uninformed and misleading reporting.
In the company's 10-K disclosure filed with the Securities and Exchange Commission (SEC) last Friday it made no such statement and insists no violations of the anti-bribery provisions of the FCPA have occurred. Instead, the company said that in its preliminary findings the company's Audit Committee had advised that there were "likely violations" of the books and records and internal controls provisions (i.e. "accounting provisions") of the FCPA. A potential violation of the accounting provisions could range anywhere from a single transaction recorded incorrectly to other errors in the accounting records.
Additionally, the company's independent auditors -- who have been auditing the company for more than a decade -- issued an unqualified opinion on the financial statements for the year ended December 31, 2012. Those financial statements also included the disclosure that any violations of the accounting provisions have not had a material impact on the financial statements of the company and did not warrant any restatement of its past financial statements.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (Integrated Resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
The Venetian® and The Palazzo®, Five-Diamond luxury resorts on the Las Vegas Strip, and Sands® Bethlehem in Eastern Pennsylvania are the company's properties in the United States. Marina Bay Sands® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.
Through its majority-owned subsidiary Sands China Ltd., the company owns a portfolio of properties on Macao's Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns the Sands® Macao on the Macao Peninsula.
Las Vegas Sands is committed to global sustainability through its Sands ECO360 degrees program and is an active community partner through its various charitable organizations.
For more information, please visit www.lasvegassands.com.
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Source: Las Vegas Sands
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