Former MGM Grand casino president, John Smith, was sentenced to three years probation on Thursday after pleading guilty to charges of money laundering and fraud in connection with a multi-million dollar scheme to defraud the casino.
Smith, who served as president of the iconic Las Vegas casino from 2015 to 2020, was accused of using his position to siphon off funds from the casino’s accounts for personal gain. According to court documents, Smith manipulated the casino’s financial records to make it appear as though certain expenses were legitimate when in fact they were being used to cover his own lavish lifestyle.
Prosecutors alleged that Smith used the ill-gotten funds to purchase luxury cars, vacation homes, and extravagant vacations for himself and his family. In total, it is estimated that Smith embezzled over $5 million from the casino over the course of several years.
During his sentencing hearing, Smith apologized for his actions and expressed remorse for betraying the trust of his colleagues and the casino’s owners. He also agreed to pay restitution to the casino in the amount of $3 million, and to forfeit all assets purchased with the stolen funds.
In addition to probation, Smith was also ordered to perform 500 hours of community service and to undergo counseling for his gambling addiction. The judge overseeing the case expressed hope that Smith would use this opportunity to turn his life around and make amends for his crimes.
The case has sent shockwaves through the Las Vegas casino industry, as Smith was considered a respected and well-liked figure in the community. Many of his former colleagues and friends were in attendance at the sentencing hearing, showing their support for Smith despite his egregious actions.
In a statement following the sentencing, the current president of the MGM Grand casino expressed gratitude for the swift resolution of the case and vowed to implement stricter financial controls to prevent similar incidents from occurring in the future. The casino has also launched an internal investigation to determine how Smith was able to carry out his scheme undetected for so long.
As for Smith, he now faces a long road to redemption as he works to rebuild his reputation and pay back the debt he owes to the casino and its employees. Only time will tell if he can truly make amends for his crimes and move forward from this dark chapter in his life.
