{"id":153417,"date":"2020-10-27T08:47:07","date_gmt":"2020-10-27T15:47:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=153417"},"modified":"2020-10-27T12:13:40","modified_gmt":"2020-10-27T19:13:40","slug":"lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/","title":{"rendered":"LVS Shareholders Sue Casino Giant Over Suspicious Transactions at Marina Bay Sands"},"content":{"rendered":"

Las Vegas Sands Corp (LVS) is being sued by a group of investors over its alleged mismanagement of VIP money transfers at the Marina Bay Sands (MBS) in Singapore.<\/p>\n

\"Marina
The Marina Bay Sands, seen here, is the world\u2019s most profitable casino resort and an unmistakable feature on Singapore\u2019s waterfront. (Image: Nicole-Marie Ng\/Time Out<\/em>)<\/figcaption><\/figure>\n

The class-action suit has been filed by investor rights firm Bernstein Leibhard in the US District Court for the District of Nevada. It claims the company misled investors over the efficacy of its VIP anti-money laundering procedures at MBS in violation of the Securities Exchange Act.<\/p>\n

In July, LVS settled a lawsuit for $6.5 million with a disgruntled high roller, who claimed that in 2015, MBS had transferred funds to other patrons from his casino deposit accounts without his approval.<\/p>\n

According to 2019 court filings, the gambler, Wang Xi, deposited $6.5 million with MBS, which was later distributed via 22 unauthorized transfers to other guests at the hotel, all of whom were unknown to Wang.<\/p>\n

Feds Investigate Money Laundering <\/strong><\/h2>\n

The incident triggered an investigation by local authorities and subsequently the US Department of Justice. News that the feds were scrutinizing whether LVS had violated international anti-money laundering regulations caused the company\u2019s stock price to dip by 2.9 percent in July.<\/p>\n

In January, the DoJ issued a subpoena to MBS\u2019s former head of compliance for documents pertaining to \u201cmoney laundering facilitation\u201d and possible violations of internal protocols, according to Bloomberg.<\/em><\/p>\n

\n

In September, Bloomberg reported LVS had “hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties, according to people familiar with the matter.”<\/strong><\/p>\n<\/div>\n

This news caused LVS to fall a further 4.2 percent on September 16, the lawsuit alleges.<\/p>\n

LVS’ Illicit Fund Transfers, Misleading Statements<\/strong><\/h2>\n

The lawsuit claims that LVS made \u201cmaterially false and misleading statements regarding the Company’s business.\u201d These include the company’s failure to disclose that \u201cweaknesses existed in Marina Bay Sands’ casino control measures pertaining to fund transfers,\u201d and that \u201cthe Marina Bay Sands’ casino was consequently prone to illicit fund transfers that implicated, among other issues, the transfer of customer funds to unauthorized persons and potential breaches in the Company’s anti-money laundering procedures.\u201d<\/p>\n

These oversights \u201cincreased the risk of litigation against the Company, as well as investigation and increased oversight by regulatory authorities,\u201d asserts the lawsuit.<\/p>\n

MBS enjoys a duopoly in Singapore with Genting\u2019s Resorts World Sentosa. Under normal circumstances, it is the most profitable casino resort in the world<\/a>. MBS generaties almost a third of all revenues for LVS.<\/p>\n

This week, it was reported that LVS is considering selling<\/a> its properties in Las Vegas to concentrate on its more profitable operations in Singapore and Macau.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Las Vegas Sands Corp (LVS) is being sued by a group of investors over its alleged mismanagement of VIP money transfers at the Marina Bay Sands (MBS) in Singapore. The class-action suit has been filed by investor rights firm Bernstein Leibhard in the US District Court for the District of Nevada. It claims the company […]<\/p>\n","protected":false},"author":36,"featured_media":153418,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,60],"tags":[],"acf":[],"yoast_head":"\nLVS Shareholders Sue Over Suspicious Transactions at Marina Bay Sands<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands shareholders launch class-action lawsuit over suspicious Marina Bay Sands VIP transactions and Wang Xi lawsuit.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LVS Shareholders Sue Over Suspicious Transactions at Marina Bay Sands\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Sands shareholders launch class-action lawsuit over suspicious Marina Bay Sands VIP transactions and Wang Xi lawsuit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-27T15:47:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-27T19:13:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/lvs-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1057\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/\",\"url\":\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/\",\"name\":\"LVS Shareholders Sue Over Suspicious Transactions at Marina Bay Sands\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/lvs-1.jpg\",\"datePublished\":\"2020-10-27T15:47:07+00:00\",\"dateModified\":\"2020-10-27T19:13:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Las Vegas Sands shareholders launch class-action lawsuit over suspicious Marina Bay Sands VIP transactions and Wang Xi lawsuit.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/lvs-shareholders-sue-over-suspicious-transactions-at-marina-bay-sands\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/lvs-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/lvs-1.jpg\",\"width\":2048,\"height\":1057,\"caption\":\"The Marina Bay Sands is the world\u2019s most profitable casino resort and an unmistakable feature on Singapore\u2019s waterfront. 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