BUSINESS

Las Vegas Sands taps Delloitte as new auditor

TAGs: delloitte, gambling, las vegas sands, pricewaterhouse, sands china

lvs-sands-macauA month after Las Vegas Sands Corp. and Pricewaterhouse Cooper ended their 25-year marriage, the former announced through its Macau subsidiary, Sands China Ltd., that it has appointed Deloitte Touche Tohmatsu Ltd as its new auditor.

The deal is still subject to the approval of shareholders but should it get the green light, Deloitte is expected to also act as auditor for Sands China.

Pricewaterhouse resigned as auditor of both Las Vegas Sands and Sands China after Las Vegas Sands disclosed that its internal audit may have come with possible violations of anti-money laundering and anti-bribery laws under the U.S. Foreign Corrupt Practices Act. No official reason was given as to why the two companies parted ways after a 25-year marriage but whispers suggested that in addition to the aforementioned reason, Pricewaterhouse had grown tired of Sands CEO Sheldon Adelson’s abrasive behavior.

The multitude of reasons already compounded what had become a strained relationship, paving the way for the resignation of Pricewaterhouse as Las Vegas Sands’ official auditor.

Now, it looks like the casino operator has a new auditing firm in the form of Deloitte Touche Tohmatsu Ltd. The company is no stranger to the gambling industry, having done numerous studies and reports involving the industry, including a recent study commissioned by the Association of British Bookmakers (ABB) called The Full Picture: Measuring the Contribution of the British Betting Industry. Deloitte was also asked by Australia’s New South Wales Premier Barry O’Farrell to verify statements made  by Crown last March regarding its proposal to build a VIP-focused casino in Sydney’s Barangaroo development.

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