It has been reported that a leading investment bank has issued a warning to the effect that the recently initiated investigation into whether or not Singapore's Marina Bay Sands may have violated anti-money laundering procedures may end up costing the illustrious venue a significant portion of the local VIP casino market.
According to a report that was published on Sunday by Inside Asian Gaming, a Malaysian brokerage firm called Maybank Investment Bank Berhad forecast that the investigation that was initiated by the United States Department of Justice may also prompt many high-rollers to begin spending their money at the nearby Resorts World Sentosa property instead.
After a former compliance chief at Marina Bay Sands was served with a grand jury subpoena requesting either an interview or documentation relating to'money laundering facilitation' and possible abuses of internal financial controls, it was reported that details of the federal investigation first emerged in a report from the Bloomberg news service. The subpoena was issued after the details of the investigation were first made public.
In April of 2010, Las Vegas Sands Corporation opened the 2,561-room Marina Bay Sands integrated casino resort under the command of its Sands China Limited subordinate. In addition to a gaming floor that was 160,000 square feet in size, the resort featured a museum, a number of restaurants and bars, a theater, a shopping mall, and a convention center that was 29 acres in size. According to the information provided by the source, the three-tower development has maintained at least a fifty percent share of the local VIP gaming industry since the summer of 2018, and it ended the previous year with a fifty seven percent stake in the market.
Samuel Yin Shao Yang from Maybank Investment Bank Berhad is said to have told Inside Asian Gaming that the VIP business at Marina Bay Sands had been seriously affected in late 2010 as a result of the beginning of a comparable investigation by regulators in the United States. This action was initiated after the previous Chief Executive Officer for Sands China Limited, Steven Jacobs, filed a wrongful termination lawsuit against his former employer. It is believed that this lawsuit played a significant role in temporarily pushing the Singapore venue's share of the local high-roller market down to as low as 33%.
Both Marina Bay Sands and Resorts World Sentosa have been closed since the beginning of April in an effort to prevent the further spread of a variant of the coronavirus that has been responsible for the deaths of 25 people. Since its opening in January of 2010, the latter venue, which is managed by the Asian gaming and entertainments giant Genting Malaysia Berhad, is said to have maintained a share of the local VIP gaming market equivalent to approximately 47% of the total market share on average, although it ended the previous year with a 43% stake.
Yin is said to have made a statement...
"We do not infer that either Marina Bay Sands, Sands China Limited, or Las Vegas Sands Corporation was or is guilty or innocent of any claims. After all, whatever business has never had to deal with dissatisfied former employees? From what we've gathered, high-rollers and other VIPs prefer to steer clear of casinos that are under investigation, particularly by the Department of Justice in the United States. After reviewing the past, we have determined that Resorts World Sentosa would be better off with a greater percentage of the VIP volume. To resume normal operations, nothing more is required at this point.
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