(In fourth paragraph corrects spelling of name to “Reese” instead of “Reed”)
By Ronald Grover
April 26 (Reuters) - Las Vegas Sands Corp, the casino company, said on Friday that accounting firm PricewaterhouseCoopers will not stand for re-election as the company’s auditor, ending a 25-year relationship with Sands founder and chairman Sheldon Adelson.
The auditor, which confirmed the company’s announcement in a letter to the SEC, has served as the gaming company’s auditor since it became a public company in 2004. Las Vegas Sands and the accounting firm said the decision to part ways was not motivated by any disagreements over financial statements or disclosures.
“It’s been 25 years, and in business vendor relationships change and evolve over time,” said Sands spokesman Ron Reese.
PricewaterhouseCoopers (PWC) served as Adelson’s auditor in business ventures prior to his founding Sands, Reese said.
The spokesman did not give a reason for the relationship’s end, and said it had nothing to do with disclosures the company made in previous financial statements that it received federal subpoenas requesting information on its compliance with reporting requirements of the Foreign Corrupt Practices Act.
“This is not the result of any non-public information that impacts past disclosures or any non-public information that impacts future disclosures related in any way to our reported litigation or investigations,” Reese said.
Sands said in its financial reports that it is cooperating with the investigations.
Steven Silber, spokesman for PwC’s auditing and accounting services unit, was not immediately available for comment.
The accounting firm said in a letter to the SEC that it agrees with the statements the company made in its public filings concerning the auditor’s decision to end its engagement. (Reporting By Ronald Grover; Editing by David Gregorio)