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World Casino Networks

Staff writer WCN Administrator

Asia - Macau - Panel urges more scrutiny of U.S. companies in Macau

HONG KONG — Members of a congressional advisory panel believe U.S. regulators should tighten scrutiny of casino companies operating in Macau, the world’s top gambling market, because of the risk of money laundering.

“We need to go deeper into this,” said Michael Wessel, a member of the U.S.-China Economic and Security Review Commission, which heard testimony in Washington on Thursday.

“I’m not sure the companies are looking as deep as they need to in their own organizations, and the profits are driving their activities. It’s worth some stricter scrutiny.”

The commission was set up in 2000 to examine national security implications of the trade and economic relationship between China and the U.S. and make recommendations to the U.S. Congress.

Nevada-based Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Resorts International are among six operators that have shared in the casino boom in Macau, the only http://www.casinojobsinternational.complace in China where gambling is legal. The former Portuguese colony earned $38 billion in gambling revenue last year, about six times more than the Las Vegas Strip.

Most of Macau’s gambling revenue comes from the tens of millions of mainland Chinese gamblers who visit each year.