Marina Bay Sands casino is being investigated over whether anti-money laundering regulations were breached in the way it handled the accounts of top gamblers. YahooFinance
-- The Singapore casino of billionaire Sheldon Adelson’s Las Vegas Sands Corp. is being probed by the U.S. Department of Justice over whether anti-money laundering regulations were breached in the way it handled the accounts of top gamblers.
Marina Bay Sands is one of the most profitable casinos in the world, accounting for more than a fifth of revenue and about a third of operating income at the U.S. parent. Las Vegas Sands’ Asian operations, which also include Macau, contributed about 85% of the company’s US$13.7 billion in revenue last year, and have helped make Adelson one of the richest men in the U.S.
Marina Bay Sands also faces a probe in Singapore by the Casino Regulatory Authority into its money transfer policies. A spokesperson for the agency declined to comment further as the investigation is ongoing, adding it hasn’t received a request from the Department of Justice in connection with Marina Bay Sands.
Junket OperatorsThese transfers are sometimes made through so-called junket operators, which provide transportation, hotels and credit to high rollers. In Macau, these operators allow Chinese gamblers to get around strict capital controls by pledging assets on the mainland in exchange for credit at casinos. The junkets are more strictly controlled in Singapore.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marina Bay Sands casino under probe in Singapore, US: report[SINGAPORE] The Singapore casino of billionaire Sheldon Adelson's Las Vegas Sands Corp is being probed by the US Department of Justice over whether anti-money laundering regulations were breached in the way it handled the accounts of top gamblers. Read more at The Business Times.
Read more »
Business and official travellers on Singapore-China 'fast lane' arrangement must get COVID-19 swab testsSINGAPORE: The Singapore-China 'fast lane' arrangement will start on Jun 8, and approved travellers must take a COVID-19 swab test within 48 hours ...
Read more »
Parliament to debate Fortitude Budget, discuss COVID-19 measures and employment issuesSINGAPORE: Parliament will debate the Fortitude Budget when it sits on Thursday (Jun 4). The S$33 billion Budget, Singapore's fourth of the ...
Read more »
Singapore factory activity shrinks for 4th month despite uptick in key gaugeSINGAPORE: Singapore’s factory activity remained in negative territory for the fourth consecutive month in May amid the COVID-19 outbreak, ...
Read more »
COVID-19: Singapore launches drive-through test site for 'priority groups'SINGAPORE: A drive-through site for COVID-19 swab tests has been launched in Singapore to test 'priority groups' for the coronavirus. Located at ...
Read more »