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Las Vegas Sands to be spun off from PwC

PricewaterhouseCoopers and Las Vegas Sands' 25-year alliance is coming to an end.

SymClub
Apr 8, 2024
2 min read
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Las Vegas Sands to be spun off from PwC

Frustrated and upset by Las Vegas Sands' ongoing legal troubles, PricewaterhouseCoopers has resigned as the casino empire's official auditor, ending a 25-year industry relationship.

no reason

  • The Wall Street Journal reported that PwC did not provide a formal reason for severing ties with its longtime partner in a filing with the U.S. Securities and Exchange Commission, but people familiar with the matter gave the impression that PwC was no longer able to Meet with the company again. The relationship between the two companies has soured due to aggressive behavior by Sands CEO Sheldon Adelson.

Current legal issues surrounding Las Vegas Sands, including a U.S. federal investigation into possible violations of money laundering and bribery laws, may also be a key point in PwC's decision to sever the partnership. Las Vegas Sands' audit committee recently disclosed that violations of its books, records and internal controls may have also influenced the company's decision to step down as its official auditor.

"These relationships evolve over time," said Las Vegas Sands spokesman Ron Reese. "It's a fact of business life," he added.

Hong Kong also says "So Long"

However, this decision is not subject to geographical restrictions. PwC Hong Kong also decided to terminate its relationship with Sands China as its official auditor in a regulatory filing submitted to the Hong Kong Stock Exchange on the grounds that it is not practical to continue to serve as auditor. Practical. The company was formed after the parent company decided to end its partnership with Las Vegas Sands. Finish.

PricewaterhouseCoopers has informed Las Vegas Sands that it will not seek to work with the company in the future, and the gaming group is currently looking for a new auditor to establish future business relationships with it.

While both companies have benefited from their long-standing relationship over the years, like many others, this relationship appears to have come to an end, and at least one of the two companies would be better off parting ways to pursue new goals. Opportunities to pursue relationships with new people that are more productive and better suited to them.

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Source: www.casino.org

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