A investment bank has reportedly warned that the recent case looking into whether Marina Bay Sands Singapore may have probably breached the anti-money laundering procedures that could cost the iconic casino a large share of the local VIP client market.
On Sunday, reported from ‘Inside Asian Gaming’. Malaysia brokerage Maybank Investment Bank Berhad forecast that in inquiry initiated by US Department of Justice may also prompt many of the high-rollers to instead begin spending their cash at the other casino which is Resorts World Sentosa Singapore.
More details shown by the federal investigation reportedly first emerged in a report from the Bloomberg news service after former Marina Bay Sands compliance chief was issued with a grand jury subpoena requested either an interview or documentation relating to the issues and possible abuses of internal financial controls.
Las Vegas Sands Corporation opened the 2,561 room Marina Bay Sands Singapore integrated casino resort under the command of its Sands China Limited subordinate in April 2010 complete with a 160,000 sqft gaming floor as well as a gigantic museum. Restaurants, bars, theater and a shopping mall. Not forgetting a 29 acre convention centre. Detailed shown that the three tower development has held at least a 50% stake of the local VIP gaming market since the summer of 2018 and closed out last year enjoying a 57% share!
Samuel Yin Shao Yang from Maybank Investment Bank Berhad reportedly told one news agency that Marina Bay Sands VIP business had been significantly damaged in late 2010 following the initiation of a similar probe from officials in the USA. This action was launched after the past CEO of Sand China Limited, Steven Jacobs, filed a wrongful termination lawsuit against his former employer and it purportedly played a significant role in temporarily pushing the venue’s share of the local high roller market down to as low as 33%!
Marina Bay Sands and Resort World Sentosa have both been shuttered since early April in an attempt to stop the covid-19 strain that has so far kills more than 20 locals. The latter venue is run by Asian gaming and entertainments behemoth Genting Malaysia Berhad and has purportedly averaged around 47% share of the local VIP gaming market since opening in January 2010.Pondering
With all these happenings around in casinos in Singapore. How will the casino cope as compared to online casino providers or operators? Will Marina Bay Sands and Resort World Sentosa clients move their habit over to online platform to avoid getting involve indirectly with all the issues going around the casino? What will be the future outcome? Will the outcome affect how local Singaporeans or even tourists visit the casino or will it be just another normal day for everyone? It seems impossible to search for online gaming platform in Asia but we managed to find a site that promote different companies and a trusted review platform.
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