Resorts World Las Vegas Could Pay Second-Largest AML Fine in Vegas History

Resorts World Las Vegas and its affiliated companies have agreed to a $10.5 million settlement to wrap up a wide-ranging complaint against it by  Nevada regulators. The establishment was accused of allowing convicted felons and people with ties to illegal bookmaking to bet millions of dollars in its casino.

The proposed settlement awaits approval from the Nevada Gaming Commission. If approved, the fine would be second only to the $20 million penalty paid by Wynn Resorts in 2019 for mishandling sexual harassment allegations in Las Vegas.

AML Failures

The penalty comes after Resorts World was investigated following a 12-count complaint filed by the Nevada Gaming Control Board (NBCB). The board accused the resort casino of fostering an illegal gambling and money laundering culture, allowing infamous individuals with links to criminal activities to access its casino services and gamble large sums of money.

The NGCB probe uncovered the establishment’s ties to Matthew Bowyer, a high-profile illegal sports betting ring operator convicted in California. Bowyer reportedly lost $7.9 million while gambling over one year at the casino. The establishment also hosted LeForbs, who is linked to similar activities and spent a whopping $10 million.

A Part of the Casino’s Culture

According to the NGCB, Resorts World failed to implement the anti-money laundering (AML) framework it already has and let individuals with illicit ties gamble on its premises. The investigation underscored that the establishment also provided the individuals with luxury perks like flights and comps to encourage return visits.

“This culture results in the perception and/or reality that Resorts World is an avenue to launder funds derived from illegal activity and/or to further criminal activity, causing damage to the reputation of the State of Nevada and Nevada’s gaming industry,” reported the statement, underscoring the intensity of the situation.

Major Internal Changes

Beyond paying the fine, Resorts World has agreed to meet several conditions, such as running mandatory AML seminars and hiring more compliance employees. The company is also expected to submit AML compliance reports to the NGCB and an annual review of its AML program.

The resort casino is already restructuring its leadership with industry veterans like former MGM Resorts International CEO Jim Murren coming on board. The Nevada Gaming Commission will review the proposed settlement on March 27^th and provide a final decision shortly after.