The auditor of Las Vegas Sands Corp, operator of the Venetian Macao and Sands casino hotels in Macau, has questioned its ability to avoid bankruptcy if it fails to obtain fresh funds.
Sands is in danger of defaulting on its debt repayments and breaching the limit on its debt ratio, auditor PricewaterhouseCoopers (PWC) warned.
Defaults would 'raise substantial doubt about the company's ability to continue as a going concern', the auditor said.
The warning, contained in a filing yesterday to the United States Securities and Exchange Commission, triggered a fresh plunge in the company's shares. They fell as much as 38.77 per cent in New York trading to US$7.14.
A year ago the shares were trading at nearly US$123.
PWC said the firm could be forced to suspend construction of its US$3.3 billion, 6,400 room casino-hotel complex opposite the Venetian.
