Las Vegas Sands Corporation (LVS) declares special dividendNovember 26, 2012 6:01 PM by Ray Poirier
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.
The Nevada Supreme Court has denied an appeal by a high roller accused of failing to pay $384,000 in gambling debts to four Las Vegas casinos.
Iowa racing officials are reviewing a recommended plan to distribute $72 million settlement related to the end of greyhound racing in Council Bluffs. Half of the money would support the Iowa Greyhound Association’s operation of the Dubuque track.
A New Mexico legislative committee threw its support behind a new gambling compact between the state and Native American tribes. The revamped gambling compact would let tribal casinos stay open around the clock and offer complimentary food and lodging.
Deadwood gambling advocates were jubilant that a yearlong push to allow three new games in the historic outlaw town is finally coming to a close. The state House voted 46-22 to approve the proposal to allow keno, craps and roulette.
As Florida lawmakers appear ready to allow key portions of the state’s high-stakes gambling deal with the Seminole to expire, other gambling interests are watching keenly for openings in the multi-billion dollar industry.