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Resorts World Las Vegas agrees to pay $10.5 million fine to settle money laundering violations
The Nevada Gaming Control Board has announced that Resorts World Las Vegas will pay a $10.5 million fine, marking the second-largest penalty in Nevada gaming history. This settlement stems from a disciplinary complaint regarding the resort’s failure to adhere to federal anti-money laundering laws, during which known illegal bookmakers gambled millions at the casino for over a year.
Key Points
- Resorts World Las Vegas fined $10.5 million for anti-money laundering violations.
- This is the second-largest fine in Nevada gaming history, following a $20 million penalty to Wynn Resorts in 2019.
- The complaint detailed the activities of illegal bookmaker Mathew Bowyer, who gambled large sums at the casino without proper fund documentation.
- The Nevada Gaming Commission will review the stipulated settlement next week.
- Since the allegations surfaced, there have been significant changes in the resort’s leadership and operational practices.
Why should I read this?
This article is essential for anyone interested in the gaming industry as it highlights major compliance issues facing big casinos. It underscores the importance of regulatory adherence and the potential repercussions for failing to meet legal standards, especially in a heavily monitored sector like gambling. The developments may also signal shifts in operational practices among gaming establishments in Nevada.