Las Vegas Sands would pay a million fine imposed by the Nevada Gaming Control Board for two counts of violating the state reporting requirements for large payouts to VIP guests.
It’s accused of not properly reporting millions of dollars paid by a high-roller to a Chinese basketball consultant. The SEC says Las Vegas Sands repeatedly transferred some $7 million to the consultant, who was to help secure a sponsorship deal with a professional basketball team in China.
The team was to promote Las Vegas Sands’ Macau operations.
The company was also cited for irregularities with a potential 2006 real estate development on Hengqin Island, adjacent to Macau, which drew a $9 million SEC fine.
And finally the board said the company didn’t property vet a high roller whose cash buy-ins were the largest the company had handled up to that time in 2005. A police raid on his Mexico City home seized more than $200 million in cash.
The Gaming Control Board says Las Vegas Sands tentatively agreed to pay a $2 million fine without admitting or denying the allegations.
Nevada gaming regulators are scheduled to review and possibly approve the settlement on May 19.
