Wynn Resorts: Settling Anti-Money Laundering Violations with a $5.5 Million Fine
In a significant turn of events, Wynn Resorts has reached a stipulated settlement with Nevada gaming regulators, agreeing to pay a hefty $5.5 million fine for unregistered international money transmissions. This move marks another chapter in the ongoing scrutiny regarding compliance with anti-money laundering (AML) laws within the vibrant world of Las Vegas gaming.
A Wave of Regulatory Actions
The recent settlement is part of a broader trend. Over the last three months, the Nevada Gaming Control Board has imposed substantial fines on three major Strip casino operators, each facing allegations of AML violations:
- MGM Resorts International accepted an $8.5 million fine in April.
- Resorts World Las Vegas followed suit with a $10.5 million fine in March.
The violations largely stem from former executives who permitted illegal bookmakers to engage in extensive cash transactions within their properties. Learn more about recent fines.
Contextualizing the Fines
Former U.S. Attorney for Nevada, Greg Brower, suggests that these enforcement actions should be seen as isolated incidents tied to past misconduct rather than systemic failures. Now a shareholder at Brownstein, Hyatt, Farber, Schreck, Brower emphasizes that Nevada casinos, including Wynn, have made significant investments in AML compliance through enhanced staffing and technological upgrades. The recent penalties serve as a stark reminder that vigilance in compliance is non-negotiable.
Wynn’s Legal Troubles
This latest fine comes on the heels of Wynn forfeiting a staggering $130 million last September due to a non-prosecution agreement with the Department of Justice (DOJ). This settlement addressed questionable financial transactions at Wynn Las Vegas and marked the largest payout in such cases involving a Nevada gaming operator. In doing so, Wynn maintained that the DOJ’s findings did not amount to formal money laundering. Read more about the DOJ settlement.
The Regulatory Investigation
According to Control Board Chairman Kirk Hendrick, former Wyn employees facilitated improper money transfers for international patrons. The control board has since filed a six-count complaint against Wynn, highlighting specific violations of the casino’s AML compliance program. Access the full complaint.
In the aftermath of these violations, Wynn spokesperson Michael Weaver emphasized the company’s commitment to resolving the matter swiftly, noting that the infractions occurred under individuals no longer associated with the company. Wynn’s proactive steps include a revamped executive team and enhanced employee training aimed at reinforcing their anti-money laundering protocols.
Moving Forward
Hendrick confirmed that the casino has taken comprehensive actions to rectify its compliance shortcomings since the investigation began. These efforts underscore Wynn’s resolve to foster a responsible gambling environment in Las Vegas.
In a company statement, Wynn expressed regret for past actions, acknowledging the violations as historical and ensuring that they are now firmly behind them.
Conclusion: A Call for Vigilance in Compliance
The recent settlement against Wynn Resorts is not merely a financial hit; it illustrates a larger narrative about responsibility and ethics within the gaming industry. As regulators tighten their grip, casinos must remain diligent and transparent in their operations. The stakes are high, and the scrutiny is ever-present—making it imperative for all operators to stay rigorously compliant with AML laws.
By learning from past mistakes, Wynn and its counterparts can navigate the complex landscape of gaming regulations and continue to thrive in the heart of Las Vegas.
