The Nevada Gaming Commission approved on Thursday a US$2-million fine levied against Las Vegas Sands Corp by the Nevada Gaming Control Board, according to the Associated Press.
The Control Board had said earlier this month that the complaint alleged “certain [i.e., particular] violations of the Nevada Gaming Control Act and Regulations of the Nevada Gaming Commission”. It said the allegations were related to a previously announced settlement Las Vegas Sands reached with the U.S. Securities and Exchange Commission (SEC) dated April 7, 2016 and a previously announced non-prosecution agreement the casino operator had reached with the U.S. Attorney’s Office for the Central District of California dated August 26, 2013.
The Las Vegas Sun newspaper separately reported the Commission’s chairman Tony Alamo saying during its Thursday meeting that, in reading the complaint against Las Vegas Sands, it looked “like amateur hour”.
The casino group neither admitted nor denied the allegations.
According to the media outlet, Mr Alamo said that while he was comforted by the fact the federal government had agreed not to prosecute Las Vegas Sands in relation to the 2013 matter, it nonetheless “reads awful”.
The non-prosecution agreement made with the U.S. Attorney’s Office on August 26, 2013, resulted in a US$47.4-million payment by Las Vegas Sands to the U.S. Treasury, according to a filing by the U.S. District Attorney’s Office for the Central District of California.
In the most recent settlement, the SEC had stated on April 7 that Las Vegas Sands had agreed to pay a penalty of US$9 million to settle charges that it violated the U.S. Foreign Corrupt Practices Act (FCPA) “by failing to properly authorise or document millions of dollars in payments to a consultant facilitating business activities in [mainland] China and Macau”.
Las Vegas Sands did not make a personal representation to Thursday’s meeting of the Nevada Gaming Commission according to the Las Vegas Sun.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia