NEW YORK (TheStreet) -- Despite an investigation regarding potentially illegal business practices in Macau, Las Vegas Sands continues to be a buy -- at least, that is, according to the investors in our latest poll.
An overwhelming majority -- 89.6% -- of respondent to TheStreet's poll declared the casino giant to still be a winning bet.
Earlier this week, Sands China issued a statement saying it is being probed by Hong Kong Securities and Futures Commission for alleged breaches of regulation. Government officials in China "requested to produce certain documents."
The company also received a subpoena from the Securities and Exchange Commission requesting the company provide compliance documents related to the Foreign Corrupt Practices Act.Las Vegas Sands has also noted that it is the subject of an investigation by the Department of Justice. The allegations stem from claims made by former Sands China CEO, Steve Jacobs, regarding the bribing of officials. Las Vegas Sands has publicly denied these allegations. Jacobs has claimed that he was fired from the company in July 2010 without cause after refusing to carry out demands made by Las Vegas Sands CEO Sheldon Adelson. "IBM (IBM) recently settled a Foreign Corrupt Practices Act with the federal government for $10 million and the allegation were similar to those against LVS, but had gone on for a decade. If the federal government is consistent, that's a drop in the bucket relative to revenues from Sands China," one reader commented.
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