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Gaming Commission accepts $10.5M settlement to end case against Resorts World
The Nevada Gaming Commission has accepted a $10.5 million settlement from Resorts World Las Vegas following a case involving violations of federal anti-money laundering laws. The settlement, which is the second-largest fine in Nevada gaming history, stems from the resort’s failure to prevent known illegal bookmakers from gambling at their facility.
Key Points
- Resorts World Las Vegas agreed to pay a fine of $10.5 million to settle a 10-count complaint regarding anti-money laundering violations.
- The commission’s decision sends a message to other operators about the importance of compliance audits and the consequences of violating rules.
- The fine represents the second-largest in Nevada’s gaming history.
- New management and an advisory board were appointed to oversee compliance and rectify previous mismanagement issues.
- The illegal activities occurred largely under the leadership of former president Scott Sibella, who was fired in September 2023.
Why should I read this?
This article highlights significant regulatory actions within the gaming industry, addressing the critical issues of compliance and accountability. The implications of this settlement extend beyond Resorts World, serving as a warning to all operators about the severe consequences of failing to adhere to anti-money laundering standards. Understanding these regulations is essential for anyone involved in or observing the gaming sector.