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18 Nov 2008
The famous Las Vegas Sands casino business has had a going concern warning reversed, after raising new capital.
Las Vegas Sands, which is one of the biggest casino operators in Las Vegas, was issued with a going concern statement from its auditors PricewaterhouseCoopers a month ago. But after Sands raised over $2bn in new capital, PwC removed its concern, reported Reuters.
'We previously concluded that there was substantial doubt about the company's ability to continue as a going concern. Management has subsequently taken certain actions which we have concluded remove that substantial doubt,' PwC said in a regulatory statement.
The casino industry has been hit with a slowdown, problems accessing credit and the Chinese government has looked into Macau's growing market, Reuters reports.
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