How the end of money laundering sank Australia’s casinos

In Australia, an entertainment promoter called Kevin Jacobsen was looking to make a splash with a bid for a casino in Auckland. A merchant bank commissioned by the NSW government, CBIC Australia, also found the bids were financially unviable. From a hard scrabble background, the family patriarch, Cheng Yu Tung, had built a fortune in the jewellery business and property before buying a stake in casinos in Macau.

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• They charged a US broker for the Cheng group with grand larceny and tax evasion, alleging he used a shell company to hide a $US1 million sales bonus.
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From Oz Lotto to Powerball and Mega Millions, online lotteries are now built into most virtual casino lobbies. Casinos with a track record of fairness, transparency, and happy players rise to the top—simple as that. An unnamed Hong Kong company reportedly also had to pay $US5 million in back taxes from its role in the sale. In 2009, Morgenthau announced that investigators had tracked the flow of money through the Channel Islands and London to « someone in Hong Kong who we believe is connected to the investors ». Hawke’s business partner, Sunny Yam, sat on the board of the casino joint venture company with Cheng Yu Tung’s son, Henry Cheng. It was Hawke who reportedly introduced the Cheng family to the Sydney casino bid with Leighton.

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Trump reportedly lashed out at the « incompetent judge », declaring « this whole thing should be investigated ». In the court case, Trump accused the Cheng group of receiving « kickbacks » from the sale, claiming a $US35 million commission paid to an offshore company owned by the group was a bid to avoid tax. He baulked when his hosts invited him to bet $1,000 a hole playing golf. The Chengs must have agreed that Leighton was a good operator because months later, New World teamed up with the builder for another crack at a Sydney casino tender. Marlin’s alternative $135 million proposal for a casino at an old railway site was « somewhat less well developed » than its rivals, the report said. But according to a « strictly confidential » report to Queensland cabinet in July 1993, a committee of state bureaucrats was underwhelmed by the bid.

The role of a former Australian leader in introducing the partners of an alleged organised crime figure to a casino bid went unremarked upon at the time. Some of our roles include online assessments and video interviews that can be conveniently completed in the comfort of your home. Australia permits several forms of gambling, both offline and online, as long as they are regulated under Commonwealth and state or territory laws. The Interactive Gambling Act 2001 (IGA) governs online gambling at the federal level, while individual states and territories largely control land-based and retail gambling.