Singapore’s Las Vegas Sands casino investigated for money laundering checks


A large casino in Asia operated by Sands of Las Vegas (NYSE: LVS) under scrutiny by a powerful regulator. According to an article published Thursday by Bloomberg, citing a copy of a subpoena to which it had access, the subsidiary that owns Marina Bay Sands of the company is under investigation for breaches of its anti-money laundering controls. .

In January, the former Marina Bay Sands Pte compliance officer received a subpoena from the US Department of Justice (DOJ). He asked for information on possible facilitation of money laundering and violation of internal financial controls through junkets and granting credit. Citing “people familiar with the matter,” Bloomberg said an investigation was likely in its early stages, only seeking information at this point.

Image source: Las Vegas Sands.

The U.S. Attorney’s Office in Las Vegas declined to comment on Bloomberg’s findings. Casino officials told the news agency that it had investigated all allegations of wrongdoing brought before it and had received no requests from DOJ.

The US regulator isn’t the only government entity eyeing Sands of Marina Bay‘operations. The Singapore Casino Regulatory Authority has investigated its money transfer policies, Bloomberg wrote. Neither the casino nor Las Vegas Sands as the parent company commented on this investigation.

Like other casino companies, Las Vegas Sands has been under the weight of the SARS-CoV-2 coronavirus outbreak, which has decimated its business. With his peers, he started to reopen his properties recently, accepts reservations for its Venetian casino complex in Las Vegas starting June 1.

Las Vegas Sands shares lagged behind major stock indexes and many others on Friday consumer goods securities. They rose 1.2% on the day.

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