The controversy dates back to July 7th, when a $120,000 bad beat jackpot was hit at the Red Rock Casino, one of Station’s properties in the Las Vegas area. Len Schreter had the top end of a. The bad beat jackpot reserve now has it at close to $500,000 at Motor City Casino. The bad beat at MGM Grand Detroit is around $55,000. Greektown Casino's is around $41,000.

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Las Vegas Sands Corp, the casino company owned by Sheldon Adelson, has just agreed to settle a federal corruption investigation related to its Macau business for $6.96 million. While the case would seem more a matter for the Chinese government, it is still of interest to US federal authorities as the Foreign Corrupt Practices Act prohibits its businesses and citizens from paying bribes to government official of foreign countries, regardless of local laws.
Between 2006 to 2009, Las Vegas Sands sent around $60 million to a consultant in order to help promote its brand in Macau, China’s only legal gambling resort, with the employee receiving about $5.8 million for his services. However, according to subsequent settlement papers, the funds had no “discernible legitimate business purpose”, and furthermore “the business consultant had failed to account for portions of these funds.”
Following the federal investigation, Las Vegas Sands has now agreed to a settlement without having to admit to any crime or guilt, with the fine levied by the government a full 25% lower than the minimum suggested under federal guidelines. According to the Justice Department, the reduced penalty apparently reflected the cooperation and “extensive” remedial measures subsequently carried out by Las Vegas Sands, and commenting on the conclusion of the case, Las Vegas Sands spokesman Ron Reese sent an email to Reuters, stating:
“The company is pleased that its cooperation and long-term commitment to compliance were recognized in reaching this resolution. We are equally pleased that all inquiries related to these issues have now been completely resolved.”
The latest $6.96 million penalty follows a $9 million civil payment made by Las Vegas sands in April of 2016 in order to settle allegations by the US Securities and Exchange Commission that it carried out poor accounting controls from 2006 to 2011. Once again, the case was related to its business activities in China, with $62 million in consultant payments apparently not properly account for. As Andrew J. Ceresney, Director of the SEC Enforcement Division, subsequently concluded at the time:
“Publicly traded companies must have appropriate financial controls in place to ensure that expenses are paid for bona fide services. Las Vegas Sands failed to implement controls to prevent tens of millions of dollars from being paid out without appropriate documentation or authorization.”

Las Vegas Sands, parent company of the Venetian and the Palazzo on the Las Vegas Strip, agreed to pay nearly $7 million to end a case related to violation of the Foreign Corrupt Practices Act. This federal law aims at preventing U.S. companies from paying bribes in other countries in exchange for commercial favoritism. The fine was initiated by the U.S. Justice Department.

This was not considered a civil settlement, according to those familiar with the investigation. “It is a criminal penalty,” said U.S. DOJ spokesperson Nicole Navas in an email with the Nevada Independent, when asked whether the case was civil or criminal.

Las Vegas Sands is no stranger to paying fines related to its business practices. A similar case involving the Securities and Exchange Commission resulted in a $9 million fine. The Nevada Gaming Control Board fined Las Vegas Sands $2 million earlier this year. The company paid $47 million to settle a money-laundering investigation in 2013. The company has paid fines related to permitted dozens of underage gambling and alcohol consumption at its Pennsylvania casino over the years.

Las Vegas Sands CEO Sheldon Adelson and his wife were given dais seating at today’s presidential inauguration less than 24 hours after the latest fine was announced. This area is generally reserved for members of Congress and family. Adelson and Las Vegas Sands are major Republican political contributors that backed Trump during the last election. Adelson used his Las Vegas Review-Journal to endorse the new President of the United States during the election season.

Las Vegas Sands Opposes Online Gambling

Las Vegas Sands and its CEO have come out strong against regulated online gambling. The bill the pair hope to push through is called the Restoration of America’s Wire Act (RAWA).

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The company and Adelson have spent millions of dollars on lobbying efforts and campaign contributions in a fight to make online gambling illegal in the United States. This law would take the right away from states and force all online gambling to occur offshore. Legal online gambling in Delaware, Georgia, Michigan, Nevada, and New Jersey would cease under RAWA, taking away millions of dollars a year in tax money and moving jobs to other countries.

New Venetian Poker Promotions

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In other Las Vegas Sands news, the Venetian poker room started taking a $1 jackpot drop in addition to its $5 rake, tied for the highest of any Las Vegas poker room. The money will be used to pay hot seat drawings during day shift and a 24-hour bad beat jackpot. A daily 2/4 Fixed Limit Hold’em game is now spread by the room in an attempt to entice locals to get into action during the high hand periods of the day.