Casinos handle lots of money and high rollers are expected to bring a lot with them when they come to as casino. The federal government is investigating whether Las Vegas Sands, which operates the Venetian, was lax in checking the sources of its high rollers' funds.
The Gaming Control Board has opened an investigation into the links between organized crime and the junket operators that bring the gamblers from the Chinese mainland to Macau. Those ferry companies also control the VIP rooms where many gamblers play cards and they extend credit and collect debts because casinos cannot legally collect gambling debts under Chinese law. The reports of mob involvement were published by a union local on a special Web site it has created to publicize the problems. So what will happen if the allegations are proven true? Is this a storm in a teacup or could it lead to a big shakeup in the world's biggest casino companies?
While Nevada and New Jersey legislators were thinking about legalizing online poker, it's become the law in the nation's capital. The District of Columbia has authorized its lottery office to run an online poker site and expects to rake in $4.3 million in 2012. Unless, of course, the Congress kills it. It's something of a mystery as to why Congress allowed the district plans to get as far as they have. We find out what's going on and how Congress is likely to react now that it's getting on the radar.
Steve Wynn has hinted at then threatened and then all but said he move Wynn Resort's headquarters out of Las Vegas and to the Chinese gambling enclave of Macau. So Macau might be a major source of revenue for casino companies but does its corporate governance, tax rates and lingering associations with organized crime make it a suitable place for a company listed on the New York Stock Exchange? So what is Steve Wynn up to? We talk about the casino mogul's plans with Wall Street Journal Reporter Alexandra Berzon and
freelance writer and blogger Steve Friess.