Las Vegas Sands Plunging On News Of Government Investigation Into Alleged Macau Bribes

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Las Vegas Sands is down over 7% on news that it is being investigated by U.S. authorities due to possible violation of antibribery laws in its booming Macau businesses.

Today the company also received a subpoena from the SEC requesting documents related to the Foreign Corrupt Practices Act.

The investigation is said to have started because of allegations made by former Sands China CEO Steve Jacobs on the bribing of Macau officials.

The company is working on building four new properties in the Asian gambling hub.

LVS Macau’s three properties are a huge source of revenue income for the company coming in at $341.2 million in the last quarter.

Don’t miss: The six companies that have created a larger gambling hub than Las Vegas in China >

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