This week’s Inside Gaming shares news of the Las Vegas Sands paying big to finish an SEC probe into its machinations in China and Macau, tells how efforts in Maine to construct a casino has been thwarted by a judge’s ruling, and imparts some excellent news — for once! — regarding Atlantic City’s casinos.
Las Vegas Sands Agrees to Pay $9M to finish SEC Probe
Following a lengthy, five-year investigation by the U.S... Security and Exchange Commission, the Las Vegas Sands Corporation yesterday agreed to pay greater than $9 million as a civil settlement, thereby putting an end to the probe into whether the corporate had broken a federal anti-bribery law after paying a specialist to assist them in China and Macau, Reuters reports.
The charge concerned whether the Sands might need “violated the Foreign Corrupt Practices Act by failing to correctly authorize or document greater than $62 million of payments to the consultant, known inside the company as a ‘beard,’ between 2006 and 2011.”
According to the SEC, the consultant had essentially performed as a deceptive “middle man” who tried to hide the Sands’ try to purchase a Chinese Basketball Association team, something which gaming companies aren't allowed to do. The consultant was also said to has been involved with an attempt by the Sands to shop for a part of a building in Beijing despite the ban against casino gambling in China.
There were also transactions in regards to the Las Vegas Sands’ operations in Macau that had not been propertly documented, said the SEC. The Sands owns several properties in Macau, including the biggest casino within the world, the Venetian Macao (pictured above).
Despite the settlement, the corporate “did not admit wrongdoing, and said there has been no finding of corrupt intent or bribery.”
The company released a response to the settlement that features a statement from Chairman and Chief Financial Officer Sheldon Adelson.
“We are pleased to have the problem resolved,” said Adelson. “We are committed to having an international class compliance program that builds at the strong policies we have already got in place.... We will be able to build in this experience, which has reemphasized to our 50,000 team members worldwide the similar values I'VE made the basis of my seven decades in business — integrity and reputation matter.”
Notes Reuters, “the $9 million penalty represents lower than two days of profit for the company.”
Visit Reuters to be told more in regards to the probe and settlement.
Judge Affirms Maine Casino Question to Be Kept Off November Ballot
Last week we shared news of a brand new report from a countrywide accounting firm noting how most casino growth within the U.s. — a minimum of within the near term — is going on within the northeastern a part of the rustic. You'll eliminate the northeasternmost state from participating in that growth for now, however, after a fantastic Court judge affirmed an earlier decision by Maine’s Secretary of State to reject a petition to place an issue about building a brand new casino at the November ballot.
The Portland Press Herald reports how supporters of the casino campaign had hoped to have included a ballot question that “would allow Las Vegas gambling impresario Shawn Scott — and only Scott — to build” a casino in York County within the southern a part of the state.
However in early March Secretary of State Matt Dunlap ruled the campaign had not submitted the desired choice of valid signatures for the ballot, citing “a collection of irregularities, including voter and notary signatures that didn't match signatures on file with the state.” That ruling was appealed by those mounting the campaign, which resulted in the very best Court’s verdict this week.
“The casino effort featured an aggressive signature-collection drive that raised questions in some quarters about whether Maine must tighten and reform its referendum law,” added the Portland Press Herald.
More than 35,000 signatures were certified, leaving the campaign about 26,000 signatures shy of the needed number. The campaign can continue, with certified signatures gathered so far still being usable until late next year.
Travel to the Portland Press Herald for more at the ruling and campaign.
Atlantic City Enjoyed Increase in Casino Profits in 2015
Finally, we stay within the northeast U.S. to share some uncharacteristically positive news out of Atlantic City, where a report released this week by the brand new Jersey Division of Gaming Enforcement revealed seven of the eight of the casinos at the famed Boardwalk saw their profit increase during 2015.
The report sharing 4Q and year-end results noted that total revenue among current operators increased 2.3% for the year, including a 3.1% growth in casino revenue.
Sorting through other details of the report, the Associated Press notes the casinos “saw their gross operating profit increase by greater than 40 percent last year,” with a “collective operating profit of over $547 million in 2015.” Because the AP explains, “Gross operating profit reflects earnings before interest, taxes, depreciation and other charges and is a widely accepted measure of profitability within the Atlantic City casino industry.”
The Borgata Hotel Casino & Spa was the largest earner with nearly $216 million in profits (up over 36%) while the Resorts Casino Hotel enjoyed the most important increase, percentage-wise, with its $15.6 million in profits representing an enormous 525% hop over the former year.
The Golden Nugget was also up over 396% just $22.6 million, with Harrah’s Atlantic City (up 26% to $122.7 million), Caesars Atlantic City (up 39.4% to $83.4 million), and Bally’s Atlantic City (up 76.6% to only under $40 million) all enjoying increases as well.
The Trump Taj Mahal had operated at a loss in 2014 (of about $1.1 million), but it, too, enjoyed a gain in 2015 to only over $3.1 million. The one casino to not show a rise in 2015 was the Tropicana Casino & Resort which endured a profit decline of just over 22% for the year (from $59.8 million right down to $46.4 million).
Following the closing of 4 casinos during 2014, many industry observers anticipated the rest eight would likely enjoy some get pleasure from less competition. Thus the full growth is notable, providing some hope going forward.
Responding to the report, Matt Levinson, chairman of the brand new Jersey Casino Control Commission described Atlantic City’s casino industry as “alive and quite well,” characterizing the increases as “an indication that the market is stabilizing after several years of turmoil.”
Meanwhile legislative efforts to permit for the building of latest casinos outside of Atlantic City within the northern a part of the state, a turn of events that some fear could also be especially damaging to the gambling capital’s future.
Read more rare excellent news from Atlantic City from the Associated Press via Philly.com.
Photo: The Venetian Macao, Seader. Creative Commons Attribution 3.0 Unported.
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