JTBC Reveals More Details On Yang Hyun Suk’s Gambling In Las Vegas
August 22, JTBC’s “News Room” and “Spotlight” reported further details on Yang Hyun Suk’s gambling exploits in Las Vegas as well as some suspicious business activity in Korea.
According to the reports by JTBC, Yang Hyun Suk visited MGM Grand in Las Vegas 11 times over the last five years, and he had a total of about 1.5 billion won (approximately $1.24 million) in an MGM account.
He used 1 billion won (approximately $826,000) and lost roughly 600 million won ($500,000), playing up to 17 hours a day and betting an average of 18 million won ($14,900) each hand.
A former employee of YG Entertainment said to “Spotlight,” “Whenever YG artists went to the United States for performances, they always stayed at MGM Hotel and received VIP services. If we went with former CEO Yang Hyun Suk, everything was always free, even though there were so many of us. If we just gave our room number, even a high-end Japanese restaurant would be completely free.”
According to JTBC’s “News Room,” while Yang Hyun Suk and company were staying at MGM in 2017, they received roughly 400 million won (approximately $330,500) in complementary services.
Meanwhile, “Spotlight” also reported on a subsidiary of YG USA that is larger than YG USA. The subsidiary turned a profit of about 2.2 billion won (approximately $1.8 million). One accountant said to JTBC, “There’s reason for suspicion. It looks like a typical paper company.”
Moreover, according to “Spotlight,” Yang Hyun Suk ran clubs in Hongdae and Gangnam, but always received the profit in cash, rather than getting it deposited to a bank account. And over the 20 years of operating the club, he was never registered as the owner. An accountant commented, “First of all, he ends up paying less taxes, and there’s now untraceable money. It becomes money that can be used in the political world. Honestly, it’s difficult to get a hold of [large amounts of] cash.”