• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 1 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

American gaming head reassures Macau operators about US federal investigations

Newsdesk by Newsdesk
Wed 8 Jun 2011 at 00:51
1
SHARES
30
VIEWS
Print Friendly, PDF & Email

By Kate O’Keeffe

Of DOW JONES NEWSWIRES

MACAU (Dow Jones)–American casino companies operating in Macau need not be concerned about federal probes into rival Las Vegas Sands Corp.’s (LVS) business in the Chinese territory, said American Gaming Association head Frank Fahrenkopf.

The former Republican National Committee chairman also said in a Tuesday interview with Dow Jones Newswires that the Las Vegas casino industry won’t likely see a recovery until U.S. unemployment rates fall to the low 7% range, underscoring how vital rapidly growing Asia casino markets have become for U.S. gambling operators.

Fahrenkopf, who will Wednesday present Las Vegas Sands Chairman Sheldon Adelson with a Visionary Award at a regional gambling conference, played down the possibility U.S. casino companies in Macau–Wynn Resorts Ltd. (WYNN) and MGM Resorts International (MGM)–could face greater regulatory risk as a result of unprecedented federal probes into Las Vegas Sands for possible lack of compliance with the Foreign Corrupt Practices Act. Las Vegas Sands has said it is cooperating with investigators and has denied allegations in a separate lawsuit the company believes sparked the investigation.

“The only reason I think that the Securities and Exchange Commission and the Justice Department may be involved is the seriousness of the [lawsuit’s] allegations,” he said, adding: “The interesting thing is that no action has been taken by Nevada regulatory authorities. No action has been taken by regulatory authorities here.”

The Nevada Gaming Control Board has said it has initiated an investigation into the matter, and Las Vegas Sands unit Sands China Ltd. (1928.HK) has said Hong Kong’s securities regulator has asked the company to produce “certain documents” for an investigation analysts believe is connected to the suit’s allegations. Fahrenkopf said: “That’s fine. You can look into anything, but there has been no action. So let’s wait and see what happens.”

Fahrenkopf also said Las Vegas-based companies are likely to continue to face challenges in their home market, whose recovery he thinks will be directly linked to U.S. unemployment data, which last week showed the jobless rate unexpectedly rose to 9.1% in May. “9.1% is not the true number. The true number is probably about 15% or 16%. People have stopped looking [for jobs]” he said.

However, Fahrenkopf added the situation has been better for some regional casinos such as those in the Midwest, where patrons can just drive to the properties for the day and not worry about booking a hotel.

Still, despite the dismal economic picture in the U.S., Fahrenkopf said he doubted the likelihood that Wynn Resorts Ltd. (WYNN) chairman Steve Wynn would try to exit the stagnant Las Vegas market by selling his Wynn Las Vegas casino to fellow Las Vegas operator Caesars Entertainment Corp., as some market players have speculated recently. Representatives from Wynn Resorts, which relies on Macau for the majority of its earnings, didn’t return requests for comments.

Analysts expect Macau, the only place in China where casino gambling is legal, could rake in five times the gambling revenue of the Las Vegas Strip this year.

RelatedPosts

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

Fri 30 May 2025 at 06:42
Macau’s hotel occupancy rate reaches 89% in July

Macau’s hotel occupancy rate climbed to 87.8% in April

Thu 29 May 2025 at 17:27
On the brink

On the brink

Thu 29 May 2025 at 13:27
Macau GGR rises 43.7% year-on-year to MOP$86.86 billion in 2021

Moody’s maintains investment-grade rating for Macau as fiscal reserves climb to US$77 billion

Thu 29 May 2025 at 05:23
Load More
Tags: American Gaming AssociationFrank FahrenkopfG2E AsiaJustice DepartmentMacauSecurities and Exchange Commission
ShareShare
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English