Sands China shares tumble on U.S. investigation of parent
By Farah Master
HONG KONG, March 2 (Reuters) - Shares of Sands China Ltd (1928.HK), the Macau unit of billionaire Sheldon Adelson's Las Vegas Sands Corp (LVS.N), slumped to a two-month low on Wednesday after the U.S. casino operator said it was being scrutinised by U.S. anti-corruption agencies.
The selloff came after Sands China, 70 percent owned by the U.S gaming giant, said its 2010 net profit more than tripled on surging demand in the world's largest gambling market. [ID:nTOE72007C]
Las Vegas Sands has attracted the scrutiny of U.S. anti-corruption agencies after a former top Macau executive hurled accusations of malfeasance, sending its shares down more than 6 percent. [ID:nN01103609]
Former Sands China CEO Steve Jacobs, who is suing Sands in Nevada courts for breach of contract, has accused the company of, among other things, seeking to use "improper leverage" against senior Macau government officials
"There are some pretty serious allegations there and it is not going to help their share price in the near term," said Philip Tulk, head of Asian Conglomerates and Gaming at RBS in Hong Kong.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment