Las Vegas Sands pays US$47m in deal to end inquiry into money transfers
Las Vegas Sands strikes deal with prosecutors over multi-million dollar cash transfers made by Chinese-Mexican linked to drug trafficking
Casino operator Las Vegas Sands has agreed to pay US$47.4 million after failing to flag millions of dollars in money transfers made by a Chinese-Mexican linked to drug trafficking who became one of the biggest gamblers the world has ever known.
The settlement agreement said Zhenli Ye Gon's losses were large enough to affect the bonuses of many Las Vegas Sands and Venetian executives.
His individual bets were monitored in real time and had an immediate effect on the company's earnings, it said.
Ye Gon achieved notoriety in 2007 when Mexican police raided his house and found more then 2 tonnes of cash in US$100 bills. It was described as the biggest seizure of drug money in history.
In return for the settlement, the US Attorney's Office in Los Angeles would not seek an indictment against the casino operator, prosecutors said on Tuesday.
The deal brings the government's criminal investigation to a close, but requires Las Vegas Sands to boost its efforts to monitor suspicious financial transactions for the next two years.