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
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
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(R) and The Palazzo(R), Five-Diamond luxury resorts on
the Las Vegas Strip, and Sands(R) Bethlehem in Eastern Pennsylvania
are the company's properties in the United States. Marina Bay
Sands(R) 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(R), including
The Venetian(R) Macao, Four Seasons Hotel Macao, and Sands Cotai
Central. The company also owns the Sands(R) Macao on the Macao
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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