Columns

Vegas casinos need more regulation

(David Delgado // The Daily Cougar)

(David Delgado // The Daily Cougar)

The U.S. Attorney’s Office is investigating Las Vegas Sands Corporation and its connections with money laundering and bribery transactions.

The head of Sands Corporation, Sheldon Adelson, is a major Republican campaign contributor and has vowed that he will give $100 million to candidates during election season, sending some of that money to the Romney Super PAC. Romney shouldn’t be criticized for accepting money from Adelson any more than other candidates who receive money from Super PACs and undisclosed sources. This is not a move by “the left” to discredit Romney before the elections, either.

The casino has already been questioned about high-rolling customers spending extravagant sums of money, such as Ye Gon, who was indicted for shipping pharmaceutical products to Mexico for methamphetamine manufacture and using Sands’ accounts to exchange money. Although the investigation will most likely not produce any proof by the end of elections, the U.S. Attorney’s Office shouldn’t put off global criminal allegations for fear of political pundit’s backlash.

Adelson has been a huge proprietor for Macau, China — the only region that permits such business — and has worked closely with regulators and politicians to secure his casino’s place.

Granted, the gambling business in Las Vegas has always been associated with vast amounts of untraceable money that attracts illicit activities, but the growing social consciousness has shifted towards financial transparency since the market collapsed. There has been a push for casinos to act more like banks in that they should know more about where their customers’ money comes from.

In a highly publicized move, Paul Ryan visited Adelson days after he announced he would be the presumptive vice-presidential candidate, which can only be expected to garner attention from the media and liberal groups.

The relationship between Ryan and Adelson will definitely come under question should the investigation prove the allegations against Adelson and Sands Corp.

Politics aside, the idea that we have a financial institution allegedly laundering money through an already exploitative business for the same people who have exploited this country’s drug problem for years is disgusting. If Adelson truly believes in Israeli relations and legal profit through relaxed regulations, that’s fine. However, it seems as if he’s trying to gain influence behind the Republican pro-business platform many white-collar criminals claim to support as a façade for ulterior motives.

It’s hard to say what the outcome of this probe will produce, but the subject of the investigation should give legislators a hint towards regulation.

Not everything stays in Vegas, especially if it’s funneled through Mexican currency exchange firms. US citizens bear the brunt of every facet involved in this scenario, and more legislation needs to be provided to curtail ill-gotten gains in Vegas; that should be political consensus at this point, not a partisan issue.

Nick Bell is a media production senior and may be reached at [email protected]

1 Comment

  • you shouldn’t forget to mention that UH’ board of regents member tilman fertitta owns the Golden Nugget in Vegas (and has a mob-family background) for fear of backlash.
    it’s easy to find ways to tie stuff into UH if you actually learn about the institution u should be reporting on.

Leave a Comment