Real Estate News

Las Vegas Sands Decries 'Misleading' Coverage

The Las Vegas Sands Corp. issued a statement this morning denying media reports suggesting the company acknowledged violating bribery laws.

Sands-cover.jpg Coverage of the he hotel and casino company's most recent SEC filing focused on a line in the financials that said, "There were likely violations of the books and records and internal controls provisions of the FCPA (Foreign Corrupt Practices Act)." The New York Times headline read, "Casino Says it Likely Cheated."

But the company fired back this weekend, saying the coverage is wrong:

"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."

According to the company, it was simply acknowledging potential accounting violations, not bribery. That violation "could range anywhere from a single transaction recorded incorrectly to other errors in the accounting records," the company said.

More from the company's statement:

"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."

The coverage was not without context. Two years ago Sands launched an internal investigation, after receiving a SEC subpoena related to its compliance with the Foreign Corrupt Practices Act.

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