Casino Las Vegas Corruption

3/30/2022

California Casino Las Vegas
Casino Las Vegas Corruption 2020
Casino Las Vegas Corruption Update
Mgm Casino Las Vegas

. Circus Circus Casino in Las Vegas SPFPA lost by a score of 83 to 25. Paris Hotel & Casino Las Vegas SPFPA lost by a score of 59 to 14 Source: NLRB Greektown Casino L.L.C. Case Number: 07-RC-225464 Tally Type: Initial Tally Issued Date: Ballot Type: Two Labor Organizations Date Filed: Unit Location: Detroit, MI Region. A federal grand jury has heard testimony from witnesses in the FBI’s corruption investigation of Las Vegas City Councilman Ricki Barlow, the Las Vegas Review-Journal has learned. The “Operation Casino Loyale” investigation dates back to 2015, when authorities in Las Vegas noticed Huizar cashing out a large amount of casino chips from a billionaire Chinese developer, identified in Monday’s court documents as Wei Huang, 55, a resident of Shenzhen, China. Casino stocks MGM Resorts International , Las Vegas Sands , and Wynn Resorts fell Friday after a top prosecutor in Macau was found guilty of corruption as the Chinese government continues its.

America's big casino companies are rolling the dice far from the Las Vegas strip. Sin City's real gamble is in China.

The majority of the business for these 'Las Vegas' companies now comes from Macau, the only city in China where gambling is legal.

Consider the Las Vegas Sands. Its famous Vegas properties such as the Venetian and the Palazzo now make up a mere 10% of its sales, according to the company's latest earnings report. It's a similar story for Wynn. Its Vegas operations drive less than a third of the company's entire business.

Even MGM Resorts, owner of the Bellagio, MGM Grand and Mandalay Bay, is China focused. Its Macau business now takes in more cash than those three Vegas casinos combined.

'Macau is larger than Vegas, larger than the whole U.S. gaming market,' says Adam Fleck, an analyst at Morningstar Research.

China's gambling mecca: With a population around 600,000, Macau is the fastest-growing city in the world, according to the Brookings Institution, and its casino industry is roughly seven times the size of Las Vegas'.

But China isn't a winning bet right now.

An anti-corruption campaign by the Chinese government, travel restrictions and a smoking ban on casino floors are keeping gamblers with deep pockets away from Macau for now. China also just reported its slowest year of economic growth in decades, adding to a 'perfect storm,' of bad events in Macau, analysts say.

The Macau slowdown is hurting Vegas veterans -- and investors in these companies. The stocks are down sharply in the past year.

'Wynn and Las Vegas Sands have been betting big on Macau so that's why the stocks have down lousy,' says John Staszak, an analyst at Argus Research, who has a hold rating on Wynn.

Investor are losing: Although Las Vegas Sands' reported record profits on Wednesday, its stock is down 30% over the past year. Sands reported a double-digit drop in revenues in its Chinese branch. The boost in overall profits came from cost-cutting measures.

Wynn(WYNN) will report its latest results Tuesday, and it's not expected to be a good story. The stock is down 26% in the past year. Wynn's casinos in Macau make twice as much in revenue as its Las Vegas ones. That's why it's very bad news for investors that Wynn's Macau branch is projected to report a 25% sales drop for the fourth quarter, according to analysts estimates.

But as the saying goes, the house always wins.

Analysts say that casinos in Macau will be a long-term winner. The Chinese government has only granted six gambling licenses to casino companies, which reduces the risk of future competition. Once the casinos offer more entertainment activities outside gambling, they will be become even bigger cash cows.

'There's a very long-term secular growth story here,' says Fleck, who has a buy rating on Wynn. 'We think that the [casino] names look attractive right now, look undervalued.'

CNNMoney (New York) First published February 2, 2015: 7:42 AM ET

LOS ANGELES (AP) — Former Los Angeles City Councilman Mitchell Englander was sentenced Monday to 14 months in prison for lying to federal investigators about his dealings with a businessman who provided him $15,000 in secret cash payments during a night out in Las Vegas.

U.S. District Judge John F. Walter rejected Englander’s explanation that he’d simply been trying to protect his reputation, saying the former councilman tampered with a witness and obstructed a federal probe, the Los Angeles Times reported.

California Casino Las Vegas

“There’s simply no adequate explanation as to how he totally lost his moral compass and committed this crime,” Walter said at a virtual hearing. The judge imposed a $15,000 fine — the amount contained in the envelopes Englander accepted in Las Vegas casino restrooms. the newspaper said.