Sands China : Inside Information - Results of our Controlling Shareholder, Las Vegas Sands Corp., Form 10-Q Quarterly Report for the Fiscal Third Quarter ended September 30, 2019
10/27/2019 | 06:47pm EST
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
SANDS CHINA LTD.
(Incorporated in the Cayman Islands with limited liability)
This announcement is issued by Sands China Ltd. ("we" or our "Company") pursuant to Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2018 Annual Report.
Results of LVS and Form 10-Q Quarterly Report
Our Company's controlling shareholder, Las Vegas Sands Corp. ("LVS"), is a company listed on the New York Stock Exchange (the "NYSE") in the United States. As at the date of this announcement, LVS beneficially owns approximately 70% of the issued share capital of our Company.
Reference is made to our announcement on October 24, 2019 in respect of the announcement by our controlling shareholder, LVS, of its financial results for its fiscal third quarter ended September 30, 2019.
LVS files quarterly and annual reports, including quarterly and annual financial information and certain operating statistics under Form 8-K, Form 10-Q and Form 10-K, respectively, with the United States Securities and Exchange Commission (the "SEC"), in accordance with the ongoing disclosure obligations applicable to a publicly traded NYSE-listed company. Such filings include segment financial information about the Macao operations of LVS, which Macao operations are owned by our Company, and the filings are available in the public domain.
The financial results of LVS and its consolidated subsidiaries, including those contained in the LVS Quarterly Report, have been prepared in accordance with the generally accepted accounting principles of the United States ("US GAAP"), which are different from the International Financial Reporting Standards ("IFRS") that we are subject to when preparing and presenting our stand-alone financial results and related financial information. However, following the substantial convergence of the IFRS and US GAAP accounting standards on revenue recognition with effect from January 1, 2018 onwards, the previous differences in the accounting treatment of revenue recognition between those two accounting frameworks applicable to the Company have been eliminated. Nevertheless, holders of and potential investors in our Company's securities should consult their own professional advisers for an understanding of the difference between IFRS and US GAAP.
This announcement contains forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, fluctuations in currency exchange rates and interest rates, government regulation, tax law changes, legalization of gaming, natural or man- made disasters, terrorist acts or war, outbreaks of infectious diseases, insurance, gaming promoters, risks relating to our gaming licenses and subconcession, infrastructure in Macao, our subsidiaries' ability to make distribution payments to us, and other factors detailed in our Company's prospectus dated November 16, 2009 and our 2018 Annual Report. We are under no obligation to (and expressly disclaim any such obligation to) update the forward-looking statements as a result of new information, future events or otherwise.
Holders of our Company's securities, potential investors and readers are advised not to place undue reliance on the LVS Quarterly Report and to exercise caution in dealing in securities in our Company.
By order of the Board
SANDS CHINA LTD.
Dylan James Williams
Macao, October 28, 2019
As at the date of this announcement, the directors of the Company are:
Sheldon Gary Adelson
Wong Ying Wai
Robert Glen Goldstein
Charles Daniel Forman
Independent Non-Executive Directors:
Victor Patrick Hoog Antink
Steven Zygmunt Strasser
Kenneth Patrick Chung
In case of any inconsistency between the English version and the Chinese version of this announcement, the English version shall prevail.
Sands China Ltd. published this content on 28 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2019 23:46:03 UTC