The Nevada Gaming Commission recently fined Wynn Resorts Ltd. $5.5 million to settle a complaint regarding the use of unlicensed money transmitting businesses to recruit high rollers. This marks the third major fine against a Las Vegas Strip property for oversight failures related to illegal gambling activities in 2023. The settlement was approved by a 4-1 vote, with Commissioner Rosa Solis-Rainey dissenting, citing the fine as insufficient compared to other recent disciplinary actions.
The complaint, filed by the Nevada Gaming Control Board, highlighted that although the actions did not constitute money laundering, they had significant implications related to it. Wynn Resorts has since removed the involved employees and apologized, stating a commitment to compliance and integrity. They have undertaken internal changes, including a revamped executive team and compliance committee, to prevent future violations.
Wynn’s case follows earlier fines of $8.5 million against MGM Resorts International and $10.5 million against Resorts World Las Vegas for similar issues. These fines are part of broader enforcement efforts by state gaming regulators to address compliance failures across the industry.
Wynn has agreed to maintain its anti-money laundering (AML) program, keep detailed records, and ensure adequate staff for AML compliance. An internal audit team will review compliance, with a report due in two years, and any program changes must be reported promptly to regulators.
The incident also involved Wynn’s use of independent agents to funnel funds through various channels, ultimately deposited into a Wynn-controlled account. This practice allowed foreign gamblers to bypass financial regulations, leading to a substantial federal settlement.
The broader implications of these cases remain under investigation, with potential further actions against other involved parties, including independent agents linked to the misconduct. The ongoing scrutiny reflects a heightened regulatory focus on maintaining the integrity of Nevada’s gaming industry.
