LAS VEGAS SANDS CORP. (NYSE:LVS) Files An 8-K Other EventsItem 8.01
Other Events.
On January 19, 2017, Las Vegas Sands Corp. (the “Company”) resolved the U.S. Department of Justice (the “DOJ”) investigation related to the Foreign Corrupt Practices Act (“FCPA”).
Effective January 19, 2017, the Company entered into a Non-Prosecution Agreement with the DOJ (the “NPA”), which concerns failure to implement adequate internal accounting controls in connection with payments to companies associated with a consultant in a region known to be high risk for corruption. to the NPA, the Company agreed to pay a penalty of $6.96 million and to certain compliance, reporting, and cooperation obligations.
In reaching the resolution set forth in the NPA, the DOJ took into account the Company’s thorough internal investigation and its cooperation with the DOJ’s investigation; that the Company no longer employs or is affiliated with any of the individuals implicated in the conduct at issue in the case; and the Company’s extensive remedial measures. Additionally, the Company agreed to submit to the DOJ copies of all reports of the independent compliance consultant retained in connection with the Securities and Exchange Commission (the “SEC”) civil administrative settlement described below. Following completion of the independent compliance consultant’s engagement, the Company also agreed to continue self-reporting to the DOJ for the remainder of the three-year-term of the NPA.
On April 7, 2016, the SEC announced a comprehensive civil administrative settlement with the Company in which the Company neither admitted nor denied allegations related to the internal controls and books and records provisions of the FCPA to Section 21(c) of the Securities Exchange Act of 1934, as amended.
The conclusion of the DOJ investigation was consistent with preliminary findings of the Company’s Audit Committee announced in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which it found did not have a material impact on the financial statements of the Company, did not warrant any restatement of the Company’s financial statements, and did not represent a material weakness in the Company’s internal controls over financial reporting.
The NPA resolves all inquiries related to the government investigations commenced in 2011 regarding the Company’s compliance with the FCPA.
About LAS VEGAS SANDS CORP. (NYSE:LVS) Las Vegas Sands Corp. is a developer of destination properties (integrated resorts) that offers accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants and other amenities. The Company owns and operates integrated resorts in Asia and the United States. The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. In Macao, the Company’s segments are The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and Other Asia (comprises the Company’s ferry operations and various other operations). In Singapore, the Company’s segment is Marina Bay Sands. In the United States, the Company’s segments are The Venetian Las Vegas, which includes the Sands Expo Center and The Palazzo, and Sands Bethlehem. It also offers players club loyalty programs at its properties, which provide access to rewards, privileges and members-only events. LAS VEGAS SANDS CORP. (NYSE:LVS) Recent Trading Information LAS VEGAS SANDS CORP. (NYSE:LVS) closed its last trading session down -0.20 at 55.84 with 2,023,704 shares trading hands.