Las Vegas' Resorts World Faces Potential Penalty of $10.5 Million due to Accusations of Inadequate Anti-Money Laundering Practices

Las Vegas' Resorts World Faces Potential Penalty of $10.5 Million due to Accusations of Inadequate Anti-Money Laundering Practices

Resorts World Las Vegas Faces $10.5 Million Fine for Allowance of Illegal Gambling

Resorts World Las Vegas and its associated companies have agreed to pay a $10.5 million fine following an investigation that exposed lax controls allowing illegal bookmakers and individuals with federal felony convictions to game freely at the establishment. This penalty, filed with the Nevada Gaming Control Board (NGCB) on Thursday, ranks as the second-largest fine in state history.

The NGCB complaint reveals a concerning pattern of money laundering at the casino through two significant figures – Mathew Bowyer and Damien LeForbes. Bowyer, under close scrutiny due to a high-profile investigation involving Los Angeles Dodgers pitcher Shohei Ohtani's interpreter, allegedly placed bets with him and wagered at Resorts World 80 times, resulting in losses of $7.9 million.

LeForbes, another focal point of the complaint, is a known illegal bookmaker who frequented the casino since its opening in 2021. A casino host was reportedly aware of his criminal background but still accommodated his gambling, even referring clients to him. LeForbes pleaded guilty in California in August 2024 to charges involving illegal bookmaking and money laundering, having lost approximately $10 million at Resorts World.

The NGCB asserts that such incidents cast Resorts World as a potential hub for money laundering and criminal activity, potentially harming Nevada's gaming industry and reputation. However, the board noted that the resort has already initiated measures to address regulatory issues, focusing on enhancing its Anti-Money Laundering (AML) program.

The settlement involves Genting Berhad, Resorts World Las Vegas' parent company, as well as five other subsidiaries. As part of the agreement, the casino will implementing additional AML safeguards, including more frequent reporting to the NGCB and enhanced training for its compliance committee. AML training records must be kept for at least five years, and additional compliance personnel will be hired to prevent individuals with criminal convictions related to illegal gambling or money laundering from gambling at the property. Key executives will also attend an AML seminar at the University of Nevada, Las Vegas International Center for Gaming Regulation.

Resorts World Las Vegas is currently working towards a settlement with the NGCB, anticipating consideration from the Nevada Gaming Commission on March 27. The casino has taken the NGCB's recommendations seriously, initiating a restructuring of its management team. Former MGM Resorts International Chairman and CEO Jim Murren, former NGCB Chairman A.G. Burnett, and former Nevada Gaming Commission Chairman Brian Sandoval have been appointed to the board of directors.

Sources:[1] Nevada Gaming Control Board complaint[4] Resorts World Las Vegas press release regarding the settlement agreement

1. The casino industry is grappling with a serious issue as Resorts World Las Vegas faces a $10.5 million fine due to lax controls that enabled illegal gambling.
2. This penalty, one of the largest in Nevada's history, was filed with the Nevada Gaming Control Board (NGCB).
3. The investigation revealed a pattern of money laundering involving two key figures, Mathew Bowyer and Damien LeForbes.
4. Bowyer, under scrutiny for a high-profile investigation, reportedly lost $7.9 million at the casino by betting with individuals including a high-profile sports figure.
5. LeForbes, a known illegal bookmaker, frequented the casino since its opening in 2021 and lost approximately $10 million.
6. A casino host was aware of LeForbes' criminal background but still accommodated his gambling, even referring clients to him.
7. The NGCB has highlighted Resorts World as a potential hub for money laundering and criminal activity, potentially harming Nevada's gaming industry and reputation.
8. The resort has initiated measures to address these regulatory issues, focusing on enhancing its Anti-Money Laundering (AML) program.
9. Genting Berhad, Resorts World Las Vegas' parent company, along with five other subsidiaries, are included in the settlement.
10. The casino will implement additional AML safeguards, including more frequent reporting to the NGCB and enhanced training for its compliance committee.
11. AML training records will be kept for at least five years, and additional compliance personnel will be hired.
12. Key executives will attend an AML seminar at the University of Nevada, Las Vegas International Center for Gaming Regulation.
13. The casino is currently working towards a settlement with the NGCB, with a decision expected from the Nevada Gaming Commission on March 27.
14. Former MGM Resorts International Chairman and CEO Jim Murren, former NGCB Chairman A.G. Burnett, and former Nevada Gaming Commission Chairman Brian Sandoval have been appointed to the board of directors.
15. Finance, leadership, and responsibility are vital in the casino industry, especially in light of this incident.
16. Cybersecurity should also be a priority, as illegal activities often overlook basic security protocols.
17. Lifestyle choices can lead to personal struggles, as demonstrated by Bowyer's significant losses.
18. Outdoor living, food and drink, and responsible dining can provide healthy alternatives for personal growth and wealth management.
19. Home and garden, personal growth, and education and self-development can contribute to a sustainable living perspective.
20. Technology, especially in the financial sector (fintech), can help combat money laundering and illegal activities.
21. Data and cloud computing can also aid in detecting and preventing illegal activities, enhancing cybersecurity.
22. Sustainable living, technology, and policy and legislation can help address these issues on a broader scale.
23. Travel, cars, and entertainment can still be enjoyed responsibly, with a focus on adventure travel, electric vehicles, and cultural travel.
24. Books, movies, and music can provide valuable insights into personal growth, politics, and society.
25. Migration and education can provide opportunities for lifelong learning.
26. In sports, sports betting requires responsible practices to avoid addiction and associated issues.
27. Social media, general news, and online education can help promote responsible gambling trends and educate the public about the importance of making informed choices.

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