In a shocking turn of events, Wynn Resorts has agreed to pay a staggering $130 million fine for allowing illegal money to reach gamblers at its Las Vegas Strip casino. The Nevada Gaming Control Board announced the settlement on Monday, marking one of the largest penalties ever imposed on a casino in the state.
The investigation into Wynn Resorts began in 2019 when it was revealed that the company had failed to properly police its own operations, leading to the flow of illicit funds through its casino. According to the Gaming Control Board, the investigation uncovered evidence that Wynn Resorts had allowed known criminals and individuals with links to organized crime to gamble at its Las Vegas property.
The Gaming Control Board found that Wynn Resorts had failed to properly vet high-roller customers, many of whom were later discovered to have criminal backgrounds or ties to criminal organizations. The investigation also revealed that the casino had failed to report suspicious transactions to the appropriate authorities, as required by law.
In a statement, Wynn Resorts acknowledged the failures highlighted by the investigation and expressed regret for the harm caused by its actions. “We take our responsibilities as a gaming operator very seriously and deeply regret the lapses in judgment that led to this situation,” said company CEO Matt Maddox. “We are committed to making the necessary changes to ensure that this never happens again.”
As part of the settlement, Wynn Resorts has agreed to implement a series of reforms aimed at preventing similar incidents in the future. These reforms include establishing a dedicated compliance committee, hiring an independent monitor to oversee its anti-money laundering efforts, and enhancing its training programs for employees.
The $130 million fine represents a significant financial hit for Wynn Resorts, which has faced criticism in the past for its handling of various legal and regulatory issues. The company has been embroiled in controversy in recent years, including a high-profile sexual harassment scandal involving its former CEO, Steve Wynn.
The settlement also serves as a warning to other casinos in Nevada and beyond, highlighting the importance of strict compliance with anti-money laundering laws and regulations. The Gaming Control Board made it clear that it will not tolerate any lapses in judgment when it comes to preventing criminal activity in the state’s gaming industry.
Overall, the $130 million fine imposed on Wynn Resorts sends a strong message that illegal activities will not be tolerated in the high-stakes world of Las Vegas gambling. As the company works to implement reforms and move past this scandal, it remains to be seen whether it can regain the trust of regulators, customers, and investors in the months and years ahead.
