In Singapore and the operator behind the iconic Marina Bay Sands integrated casino resort has reportedly signed an out-of-court settlement that is to see it compensate a former high-value patron to the tune of approximately $6.5 million.
According to a Sunday report from the Bloomberg news service, Marina Bay Sands Private Limited is a subsidiary of American casino behemoth Las Vegas Sands Corporation and has run the 2,561-room property since its opening in April of 2010. This Singapore-headquartered firm was purportedly being sued by VIP gambler Wang Xi in an attempt to recover cash he claimed had been sent to other high-rolling patrons without his consent in 2015.
Bloomberg reported that Marina Bay Sand Private Limited has now signed a settlement agreement complete with a ‘non-admission of liability’ clause that is to see it fully reimburse the Chinese gambler and once again allow him to frequent Marina Bay Sands’ casino so long as he agrees to abide by its policies.
The news service detailed that the case helped to trigger probes from numerous local authorities including the Singapore Police Force with its resolution coming at a time when the United States Department of Justice is moreover known to be looking into the effectiveness of the three-towered venue’s anti-money laundering procedures regarding high-value gamblers. This latter body furthermore purportedly issued a grand jury subpoena to a former Marina Bay Sands compliance chief in January seeking either an interview or documentation relating to ‘money laundering facilitation’ and possible abuses of internal financial controls.
Bloomberg reported that the gambling operation at Marina Bay Sands is widely considered to be one of the world’s most profitable as it regularly accounts for as much as one-third of Las Vegas Sands Corporation’s annual operating income. This Las Vegas-headquartered firm additionally runs five integrated casino resorts in Macau with all of these Asian venues last year having contributed some 85% of the firm’s annual revenues of $13.7 billion.