\n
Specifically, the DOJ probe is examining how the gaming operator previously handled accounts of gamblers deemed to be high rollers. In January, DOJ subpoenaed the former MBS compliance chief for documents relating to \u201cmoney laundering facilitation\u201d and possible violations of corporate policy. It’s not immediately clear if the settlement of the Wang litigation will have any impact on the DOJ investigation.<\/p>\n<\/div>\n
Along with Resorts World Sentosa, which is operated by Genting Singapore, MBS has a duopoly in Singapore. Those two venues reopened in July following a three-month shutdown forced by the coronavirus pandemic.<\/p>\n
Despite numerous health and safety protocols and capacity limitations implemented by both venues, the Singapore Ministry of Health said last week there are multiple instances of customers visiting both gaming venues and later testing positive for COVID-19.<\/p>\n
Why Singapore Matters<\/h2>\n
By revenue and earnings before interest, taxes, depreciation and amortization, Singapore is the second-most important market for LVS after Macau. In a typical quarter, MBS drives more than double or triple the turnover generated by Sands’ two Las Vegas properties, the Venetian and the Palazzo.<\/p>\n
Alone MBS, accounts for a third of LVS’s operating income.<\/strong><\/p>\nWhen news of the DOJ probe broke in June, some analysts speculated that, based on history, Resorts World Sentosa could snag some VIP business<\/a> from its rival. With the two integrated resorts still in the early innings of reopenings, it remains to be seen if Sentosa will steal high rollers from MBS this year.<\/p>\n","protected":false},"excerpt":{"rendered":"Marina Bay Sands Pte. — the holding company for the Singapore integrated resort of the same name operated by Las Vegas Sands (NYSE:LVS) — is settling a lawsuit with a disgruntled gambler for $6.5 million. Last year, Wang Xi, a Chinese gambler, sued Marina Bay Sands, claiming the operators moved money from his house account […]<\/p>\n","protected":false},"author":46,"featured_media":142178,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,60],"tags":[],"acf":[],"yoast_head":"\n
Marina Bay Sands Settles Wang Suit, Still Facing DOJ Probe<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n