Fearing tax consequences that could result from lack of Congressional action regarding the so-called “Fiscal Cliff,” the Las Vegas Sands Corp. (LVS) announced on Monday that the directors had agreed to pay a special dividend to shareholders prior to the end of the calendar year.
The special dividend of $2.75 per share will be paid on Dec. 18 to shareholders of record on Dec. 10. Total amount to be paid will be approximately $2.26 billion.
Company founder and Chairman Sheldon Adelson said that returning capital to shareholders was a company priority.
Several publicly-traded companies have announced similar early dividend payments that seek to avoid possible tax increases in 2013.
As for the Las Vegas Sands, it was noted that Adelson and his family control 52 percent of the company.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at RayPoirier@GamingToday.com.
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