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Best of Howard Stutz

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Howard Stutz
 

Las Vegas Sands hires Deloitte & Touche as outside auditor

28 May 2013

LAS VEGAS -- A month after parting ways with its long-time auditor, Las Vegas Sands Corp. has appointed Deloitte & Touche LLP to serve as the casino operator’s independent outside accounting firm.

In a filing late Friday with the Securities and Exchange Commission, Las Vegas Sands said Deloitte & Touche would audit the company’s financial reporting through the end of the year.

Las Vegas Sands reported that PricewaterhouseCoopers resigned as the company’s auditor in an SEC filing in April, saying there had not been any “reportable disagreements” with the auditing firm going back to 2011.

Pricewaterhouse Coopers worked for Las Vegas Sands since 2004 and worked for company chairman Sheldon Adelson for 25 years.

In March, Las Vegas Sands told investors in a regulatory filing that an internal audit concluded there were “likely violations of the books and records and internal provisions” of the Foreign Corrupt Practices Act.

On Friday, the casino operator said it did not consult with Deloitte on any financial reporting matters during fiscal years 2011 and 2012 and through this month.

Las Vegas Sands has been the subject of investigations by the U.S. Department of Justice and the SEC over potential Foreign Corrupt Practices Act allegations that were raised in a lawsuit filed by the former chief executive of the company’s Macau casino operations. The case is pending trial in Clark County District Court.

One analyst said in April said the disclosure by Las Vegas Sands of the likely Foreign Corrupt Practices Act violations, without notifying Pricewaterhouse Coopers, created some hostilities between the companies.