Panel Urges Scrutiny Of U.S. Companies In Macau
HONG KONG (AP) — A congressional advisory panel says U.S. regulators should tighten up scrutiny of casino companies operating in the top gambling market of Macau because of the risk of money laundering.
Commissioner Michael Wessel said there should be stricter scrutiny of Nevada-based companies that operate in Macau.
He said regulators need to “go deeper.”
Wessel is a member of the U.S.-China Economic and Security Review Commission. It was set up in 2009 to examine national security implications of the trade and economic relationship between the two countries and make recommendations to the U.S. Congress.
Macau earned $38 billion in gambling revenue last year, six times more than the Las Vegas Strip.
Nevada-based Las Vegas Sands, Wynn Resorts and MGM Resorts are among companies that operate casino resorts in Macau.
Copyright 2013 The Associated Press.