PwC removes concern over casino operator's finances
PwC confident enough with the cards dealt to Las Vegas Sands that the auditor removes its going concern statement
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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