This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Las Vegas Sands Says It Probably Broke Law

LAS VEGAS -- Las Vegas Sands Corp. (LVS) says in a regulatory filing that it probably violated a federal law that prohibits bribing foreign officials.

The casino company said in a filing Friday that the Securities and Exchange Commission asked two years ago for records relating to compliance with the Foreign Corrupt Practices Act.

Las Vegas Sands, which is controlled by billionaire Sheldon Adelson, said that after it got the SEC subpoena on Feb. 9, 2011, the audit committee of the board of directors opened an investigation.

In its annual report, filed Friday with the SEC, the company said that the audit committee "reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions" of the antibribery law.

Las Vegas Sands said that based on information from the audit committee and its lawyers, it expects that the findings will not have a material financial impact or force restatement of past financial results.

The company said that it had improved its record-keeping and internal-controls practices in recent years, and added that the audit committee's investigation was continuing.

The Wall Street Journal, citing an anonymous source, reported Saturday that the findings were related to business deals in mainland China led by executives no longer with the company.

The company said in its annual report that it believed the SEC investigation stemmed from a lawsuit filed in 2010 in Nevada by the former CEO of its Chinese subsidiary, Steven C. Jacobs, who is seeking unspecified damages. Las Vegas Sands said in the filing that it couldn't predict the outcome of the still-pending case but will defend itself vigorously.

The Journal reported that Nevada gambling regulators are also investigating the matter, citing people familiar with the case.

In recent years, Las Vegas Sands has expanded aggressively in Asia, building a casino business in the Chinese district of Macau.

Las Vegas Sands reported in January that fourth-quarter net income jumped more than 35%, helped greatly by booming business in Macau, the only place in China with legal gambling and a haven for high-rollers. Revenue in the company's Chinese subsidiary soared 48% higher than a year earlier.

The company also operates the Venetian and Palazzo casinos in Las Vegas.

Stock quotes in this article: LVS 
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs