{"id":27995,"date":"2020-09-17T08:44:08","date_gmt":"2020-09-17T16:44:08","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=27995"},"modified":"2020-09-22T06:42:28","modified_gmt":"2020-09-22T14:42:28","slug":"hot-water-in-singapore-pennsylvania-sports-books-triumph","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/hot-water-in-singapore-pennsylvania-sports-books-triumph\/","title":{"rendered":"Hot water in Singapore; Pennsylvania sports books triumph"},"content":{"rendered":"\n
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Faced with evidence of money laundering at Marina Bay Sands<\/strong>, CEO Sheldon Adelson<\/strong> is being proactive and hiring a local firm to investigate $1 billion in fund transfers from high rollers to third parties. It’s frankly in Adelson’s interest to do so, as he got zapped with a combined $11 million in state and federal fines for AML violations at The Venetian<\/strong>, back in mid-2016<\/a>. True, that was during the Obama administration and Sheldon now has friends in high places who can quash investigations\u2014but the Singapore<\/strong> government might be quite a different animal and their cops are already on the case<\/a>. Las Vegas Sands<\/strong> was already being sued by a Marina Bay Sands customer who says that almost $7 million of his money “was transferred to other gamblers without his knowledge.” Sands reimbursed him and everybody agreed not to say anything more. As for the other transfers, Sands says they were conducted in accordance with clients’ intent.<\/p>\n\n\n\n

Sands has been cleared by Singaporean authorities in one AML case, although \u201cthere were weaknesses in MBS\u2019 casino control measures pertaining to fund transfers.\u201d You’d think Sands would have learned after the 1986 imbroglio. The new affair will surely spark scrutiny of junket operators, the primary beneficiaries of the controversial transfers. Sands’ own investigators have caught junketeers with their hands in the cookie jar before. Adds Bloomberg<\/em>, “The client lawsuit sparked scrutiny by a slew of authorities into how Marina Bay Sands handled and monitored third-party transfers. The transactions, when authorized, are legal and used by groups of wealthy gamblers in Asia<\/strong> to pool winnings and losses at different casinos.”<\/p>\n\n\n\n\n\n\n\n

Among the previous malefactors were junket operators who were found to be destroying paperwork. This is a big deal. Marina Bay Sands signed over 3,000 letters of authorization for fund transfers in 2013-17 alone. Bill Barr<\/strong> has so far kept his mitts off the U.S. Department of Justice<\/strong> investigation, which continues. After all, Adelson is looking more like victim than offender at this point, although Sands’ AML controls are clearly weak and invite abuse. Of the previous internal investigation, Bloomberg<\/em> reports that “letters authorizing transfers worth S$365 million from multiple patrons bore signatures that appeared to be similar, facilitating numerous transfers, one of the people said. One group of employees was involved in S$763 million in transfers. That concentration in just a handful of staff failed to draw the requisite attention, according to the person.” Singapore regulators have told Sands to get its act together and the company says it has complied. Let’s hope so.<\/p>\n\n\n\n

Oyo Las Vegas<\/strong> reopened yesterday. Two of its restaurants resumed business as well<\/a>, including Hooters<\/strong>. What a relief. Our republic stands.<\/p>\n\n\n\n

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Like New Jersey<\/strong>, sports books in Pennsylvania<\/strong> had their best-ever month in August. Leaving aside ‘pent-up demand,’ had the NBA<\/strong> playoffs not been pushed back we’d be seeing significantly smaller numbers, perhaps not record ones. But the NBA, MLB<\/strong> and NHL<\/strong> combined are an unstoppable market force. Keystone State books did $365 million, leading to speculation that they could become the second-largest market in the U.S. (Pennsylvania only had handle of $109 million a year ago.) \u201cIt is remarkable to think that Pennsylvania could surpass Nevada<\/strong>, the nation\u2019s most mature sports-betting market. The state\u2019s online products have helped bridge a gap that at one point looked nearly insurmountable,\u201d said analyst Dustin Gouker<\/strong>.<\/p>\n\n\n\n

Books kept $18 million, triple August 2019’s take. $6 million flowed through to state tax coffers. 88% of wagers were made online, led by FanDuel<\/strong>\/Valley Forge Casino<\/strong> ($144.5 million), followed by DraftKings<\/strong>\/The Meadow<\/strong>s ($87 million), Parx Casino<\/strong> and Fox Bet<\/strong>\/Mount Airy<\/strong> ($22 million each), Rivers Philadelphia<\/strong> ($20 million), Rivers Pittsburgh<\/strong> ($19 million), Unibet<\/strong>\/Mohegan Sun Pocono Downs<\/strong> ($5 million) and Harrah’s Philadelphia<\/strong> ($1 million). Rivers Philadelphia led in-person wagers ($12 million), seconded by Parx ($6.5 million) and Rivers Pittsburgh (ditto). Barstool Sports<\/strong>, meanwhile, waits in the online wings. It “is the most intriguing launch since FanDuel and DraftKings entered the market, and could really move the needle,\u201d said analyst Valerie Cross<\/strong>. As for Internet gambling, it racked up $56 million (including Mount Airy’s $3 million i-poker monopoly), led by Rivers Philadelphia, winning $17 million on $579 million in handle, DraftKings\/Penn National<\/strong> ($12 million won out of $446 million) and FanDuel\/Valley Forge ($9 million won out of $327 million wagered). It’s hard not to like those numbers.<\/p>\n\n\n\n

In California<\/strong>, card players have gone from smoke-filled rooms to smoke-filled tents (thanks to the out-of-control wildfires). Artichoke Joe’s<\/strong> in San Bruno<\/strong> went first, erecting a sprung structure whereby players could wager in the semi-open air. (Gov. Gavin Newsom<\/strong> [D] is keeping card rooms closed.) Said casino President Vince DeFriese<\/strong>, \u201cWe\u2019ve survived earthquakes and floods, but nothing of this severity, nothing like this Covid<\/strong> stuff.\u201d Yeah, it’s that bad. According to Global Gaming Business<\/em>, the idea for the tent came from city officials<\/a>, undoubtedly hurting for the tax revenues card rooms provide. For that reason, expect the tent movement to spread. Look for San Jose<\/strong> to be next on the bandwagon.<\/p>\n\n\n\n

Speaking of fire, the Four Queens<\/strong> is looking decidedly battered today. A conflagration consumed part of its parking garage, four cars and a bus stop. Hardly what Terry Caudill<\/strong> needs to cope with even in the best of times.<\/p>\n\n\n\n

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William Hill<\/strong> is among the big names in sports betting converging upon<\/a> Maryland<\/strong> in hopes of pulling off a win at the election booth this November. Horseshoe Baltimore<\/strong> would be the obvious beneficiary of a William Hill entry into the Free State (and could use the juice). It also looks to establish a foothold at Rocky Gap Casino<\/strong>, out in the boonies. And if you attend a Washington Wizards<\/strong> or Washington Capitals<\/strong> game at Capital One Arena, you’ll soon find a Hill-branded book there too. Hill CEO Joe Asher<\/strong> is taking a cautious but optimistic view of the political situation: \u201cWe\u2019ll get there … I\u2019ve been fond of saying of late that the end of the world happens only once, and this isn\u2019t it. We\u2019ll get through this.\u201d (Assuming the Postal Service<\/strong> can deliver all the mail-in ballots on time.) Of his D.C. bastion, Asher says, \u201cIt\u2019s going to be a marquee venue. The location is fantastic, right between the White House<\/strong> and the Capitol<\/strong> at one of the busiest Metro stations in the network, probably one of the busiest subway stops in the country.\u201d<\/p>\n\n\n\n

Star Trek: Discovery<\/em> Season One goes on free TV on Sept. 24. Expect a dark, conflict-riven and very surprising take on the Trek ‘verse … and please try to ignore Season Two, which is a cowardly apology for having committed originality in the first season.<\/p>\n","protected":false},"excerpt":{"rendered":"

Faced with evidence of money laundering at Marina Bay Sands, CEO Sheldon Adelson is being proactive and hiring a local firm to investigate $1 billion in fund transfers from high rollers to third parties. It’s frankly in Adelson’s interest to … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[291,60,244,34,289,18,51,277,26,117,278,172,153,37,241,189,72,167,271,69,95,242,12,108,74,243,161,17,252],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27995"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=27995"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27995\/revisions"}],"predecessor-version":[{"id":27997,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27995\/revisions\/27997"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=27995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=27995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=27995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}