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Friday, November 07, 2008

Las Vegas Sands going concern in doubt

Las Vegas Sands going concern in doubt! Will that mean our casino will be left half-built? Remember the $2billion exposure our 3 banks have lent to Sands... Guess Temasek has to come in then...
 
Now - have our local banks gone overboard in lending $2b to the project?
 
Business Times
Las Vegas Sands in peril

Ability to continue as going concern in doubt, says auditor

(NEW YORK) Shares of Las Vegas Sands Corp fell 29 per cent yesterday after the casino operator's auditor said in a regulatory filing that there are doubts about the company's ability to continue as a going concern.
Based on current estimates, Las Vegas Sands expects it will not be in compliance with its maximum leverage ratio covenant for the quarter ending Dec 31, 2008 and at subsequent quarters, accounting firm PricewaterhouseCoopers LLP said in the filing. The auditor said that non-compliance would result in defaults which raises substantial doubt about the company's ability to continue as a going concern.
 

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