The review concluded that employees had not complied with proper standards, including using pre-signed or photocopied authorization forms. However, the Singapore Casino Regulatory Authority (CRA) said that while “there were weaknesses in MBS’ casino control measures pertaining to fund transfers,” the casino did not breach anti-money laundering requirements.<\/p>\n
“MBS continues to work closely with its regulators to monitor MBS’s compliance with all legal obligations,” a statement from the casino explained.<\/p>\n
Las Vegas Sands, the gaming empire of billionaire Sheldon Adelson, derives about a third of its revenue from Marina Bay Sands. The company additionally has properties in China’s Macau and on the Las Vegas Strip.<\/p>\n
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As a result of Sands hiring yet another law firm to look into its transfer practices in Singapore, investors opted to fold on the company and sell shares. Traded on the New York Stock Exchange, Las Vegas Sands was down roughly 3.5 percent during afternoon trading, each share trading around $50.<\/p>\n<\/div>\n
The news out of Singapore comes after some rather bullish analyst notes. Morningstar recently gave the company a $60 per share price target, and analysts opined this week that Sands is poised to gain market share in Macau.<\/p>\n","protected":false},"excerpt":{"rendered":"
Las Vegas Sands has hired a leading law firm in Singapore to review employee transfers made on behalf of VIP customers at its integrated casino resort Marina Bay Sands (MBS). Marina Bay Sands Pte Ltd. has come under investigation by state authorities and the US Department of Justice (DOJ), for its handling of employee transfers. […]<\/p>\n","protected":false},"author":25,"featured_media":148996,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,60],"tags":[],"acf":[],"yoast_head":"\n
Las Vegas Sands Hires Top Law Firm in Singapore to Review Transfers<\/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