Las Vegas Sands remains one of the biggest and most powerful casino companies in the world. Not long ago, the company sold some of its major US properties to focus more on operations in Asia. There are still issues the company is facing, though. Today, we’ll talk about what is happening with Las Vegas Sands in Singapore.
LVS owns a major casino-resort in Singapore called the Marina Bay Sands. Recently, this venue has been under investigation for money-laundering.
Here’s what you need to know!
Las Vegas Sands is Now Focusing on Operations in Asia
The world’s casino industry is still in bad shape. That is particularly true in the United States. Major US casino companies have been seeing massive revenue declines for more than a year. Many have been forced to take drastic action to make up for these losses.
That includes Las Vegas Sands. This company is known to own and operate some of the most opulent gambling venues in the world. Unfortunately, the company’s revenue figures have been low for the past year.
News recently broke that Las Vegas Sands had sold some of its biggest gambling venues in the US. That includes The Venetian in Las Vegas, Nevada. These sales were made in order for LVS to focus more of its operations on the Asian market.
Macau is a major focus point for the company. Las Vegas Sands operates many of the biggest and best gambling properties in the city of Macau. This territory seems to be recovering faster than the US market and is helping to bring Las Vegas Sands some much-needed revenue.
Singapore is also a city that is important to Las Vegas Sands. LVS owns one of the most successful casino-resorts in the city. Unfortunately, it seems that this property is now in hot water over reports of illegal activity.
Officials within Las Vegas Sands are now investigating this issue. Now, we’ll talk about why this venue is being looked at.
There’s an Investigation into Las Vegas Sands in Singapore
Singapore is now one of the biggest casino destinations in Asia. Several major casino-resorts are based here including the Marina Bay Sands, owned by Las Vegas Sands. This venue opened its doors to the public on April 27, 2010.
It’s been a major success over the years. Millions flock to this venue every year to take part in the gambling and entertainment options it offers. Unfortunately, new reports claim that this property is now being investigated for potential money laundering activities.
A committee of three independent board members is now investigating money transfers from high-rollers to other players at this property. It comes after an investigation was announced by a major US law firm. This all began after one high-roller revealed that millions of his dollars were transferred to another player without his knowledge.
Law officials in Nevada and Singapore have not yet commented on this issue.
It now appears that many more of these transfers took place between 2008 and 2018. These wires seem to be legal on the surface. There are questions, however, about whether or not doing so without specific permission is allowed.
This is the last thing that LVS needs to deal with right now. The company has been under serious pressure lately after the selling of The Venetian and the death of founder and longtime CEO Sheldon Adelson.
It’s unclear exactly how this situation will play out. The most likely option would be a change of policy and perhaps a fine. It seems highly unlikely that the Marina Bay Sands would be ordered to shut down over this investigation.
The casino industry in the United States is beginning to improve. We’re starting to hear more about what will lead to the recovery of Las Vegas.
Analysts Expect a Successful Summer for Las Vegas Casinos
The city of Las Vegas remains the world’s biggest casino destination. This relatively small city in Nevada is home to many of the most successful gambling venues on the planet. Since March of 2020, however, gaming revenue here has been on a steady decline.
There are signs that things are improving here, though. Gambling revenue has been slowly increasing here in recent months. Tourism figures are surging and casinos are increasing their operating hours, as a result.
Many analysts now expect a successful summer for the casinos in Las Vegas. Travel is beginning to jump around the country and it seems that a major tourism boom will be experienced here over the summer.
The opening of new properties should also result in a tourism boom. Many are excited to see Resorts World Las Vegas finally open this summer. It cost $4.2 billion to construct, making it the most expensive gambling venue to ever open its doors here.
There is a lot happening with major US casino companies. Hopefully, the situation with Las Vegas Sands in Singapore ends up being settled without any major issues. We’ll be sure to offer updates over the next few weeks.
What do you think about the situation with Las Vegas Sands? Let us know in the comments section below!