Resorts World appoints Sandoval and Burnett to Enhance Oversight

Resorts World Las Vegas has taken significant steps to enhance compliance by appointing former Nevada gaming regulators Brian Sandoval and A.G. Burnett as manager-directors. The Nevada Gaming Commission approved this decision unanimously. This move follows previous anti-money laundering (AML) violations that resulted in a $10.5 million fine against the casino. Sandoval, who serves as the chairman of the Resorts World board, and Burnett aim to reinforce the resort's commitment to responsible gambling and regulatory compliance.

Leadership Changes Strengthen Compliance at Resorts World Las Vegas

Brian Sandoval is a former governor of Nevada with extensive legal experience. He has been involved with Resorts World since last year. He was appointed chairman in November, succeeding Jim Murren.

Sandoval's background includes roles as attorney general and a federal judge. A.G. Burnett previously served as chair of the Nevada Gaming Control Board. Both men bring decades of regulatory experience, and the commission believes their leadership will restore confidence in Resorts World's operations.

During the licensing hearing, Sandoval emphasized his active role in compliance discussions. He stated, "I frequently discuss AML compliance with Jennifer Roberts, the company's chief compliance officer." He ensures she has the resources she needs to do her job properly. The commission expressed confidence in both leaders. They expect them to operate "beyond reproach" in their oversight responsibilities.

Resorts World Las Vegas Addresses AML Failures Raised by the Nevada Gaming Control Board

The appointments of Sandoval and Burnett follow a major regulatory complaint against Resorts World in August 2024. The NGCB highlighted significant lapses in the casino's AML practices, allowing individuals with ties to illegal activities to gamble freely.

The 27-page complaint underscored the resort's failure to maintain a culture of compliance.

In light of these challenges, Resorts World is committed to improving its compliance framework. The management aims to establish a robust anti-money laundering program. This will help prevent future violations and enhance the integrity of operations. The recent fines and regulatory scrutiny have underscored the importance of these measures for the casino's reputation and financial stability.

Financial Pressures and Outlook for Resorts World Las Vegas

Despite the leadership changes, Resorts World continues to face financial challenges. Opened in June 2021 at a cost of $4.3 billion, the casino has struggled to achieve profitability as broader economic uncertainties affect Las Vegas. Parent company Genting Berhad has acknowledged lower visitation rates and declines in tourism. This has raised concerns about the casino's financial outlook.

Genting CEO Kong Han Tan referred to the current underperformance as "a blip." He reaffirmed the company's commitment to the project. "Genting Berhad has funded the deficits that Resorts World is facing," he stated. He emphasized Nevada's importance as a core asset for the company.