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Sands Under Investigation

Las Vegas Sands Corp disclosed today that it received a subpoena on February 9 from the Securities and Exchange Commission requesting documents relating to its compliance with the the Foreign Corrupt Practices Act.

It said the DOJ is conducting a similar investigation.

It said the investigations were probably triggered by an inside whistleblower identified as Steven C. Jacobs, the former CEO of Sands China Ltd.

The company has multi-billion dollar casino and hotel developments in Macau, a special administrative region of China, and in Singapore.

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Here’s the company’s full FCPA disclosure:

On February 9, 2011, LVSC [Las Vegas Sands Corp] received a subpoena from the SEC requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act. The Company has also been advised by the Department of Justice that it is conducting a similar investigation. It is the Company’s belief that the subpoena emanated from allegations contained in the lawsuit filed by Steven C. Jacobs described above. The Company intends to cooperate with the investigations.

And here’s the disclosure about the Jacobs case:

On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL [Sands China Ltd.], filed an action against LVSC and SCL in the District Court of Clark County, Nevada, alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage. The Company intends to vigorously defend this matter.

Las Vegas Sands Corp trades on the NYSE under the symbol LVS.

View the company’s March 1, 2011 Form 10-K here.

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