The state of Nevada is poised to levy a huge $2 million fine on the Las Vegas Sands Corporation for violating gambling laws when it transferred money to facilitate the purchase of a Chinese basketball team without documented the transfers properly.
The complaint comes after the US Security and Exchange Commission found that Sands violated the order in regards to purchasing a Chinese basketball team that would in turn wear the logo of the company's Venetian Macau casino. There was also a complaint where the company didn't report that they were dealing with a Chinese high roller, which is necessary to prevent money laundering.
The player in question in that case is Zhenli Ye Gon, who had bet $207 million at the casino from roughly 2005 to 2007, losing about $90 million to The Venetian Casino.
If the complaint comes to fruition Sands could face a $2 million fine, the latest of a series of run-ins with regulators the company has faced in recent years.