Wynn Isn’t Worried About Regulators Despite Sands Probe
U.S. casino magnate Steve Wynn said his company doesn’t face any regulatory risk as the U.S. government looks into whether his rival has violated the foreign corrupt practices act, sparking concerns there could be a sectorwide probe. “We’ve never been investigated by anyone and have no risk of any kind whatsoever,” the chief executive of Wynn Resorts Ltd. said in an interview Saturday in his first public comments on the matter amid concerns regulators could intensify scrutiny of U.S. gambling companies thriving in booming Macau.
He also said he doubts rival gambling tycoon Sheldon Adelson is guilty of accusations made in a high-profile lawsuit against him and Las Vegas Sands Corp. that the company believes has sparked the U.S. federal probes into its conduct. Las Vegas Sands has denied the allegations. “Is he the kind of guy that would go say ‘go blackmail the politicians’? Nah. I don’t believe it. That’s making him out to be a moron. It’s not on the cards,” Mr. Wynn said. Mr. Wynn acknowleged he hasn’t always been on great terms with Mr. Adelson, whom he described as a “controversial” and “very strong personality.” But, in a rare moment of solidarity, he praised his competitor for his “bravura,” which Mr. Wynn believes has enabled Mr. Adelson to take on ambitious projects, and for his “unquestionable” commitment to Macau.
“You may take issue with his style but you can’t take issue with his accomplishments,” said Mr. Wynn, who added he didn’t want to be seen as taking sides on the issue, which he believes is causing “great concern with regulators.” The comments follow a disclosure by Las Vegas Sands in March that it had received a subpoena from the U.S. Securities and Exchange Commission for documents related to its compliance with the Foreign Corrupt Practices Act and that the Justice Department was conducting a “similar investigation.” The law prohibits U.S. companies from making payments to foreign officials to get or keep business.