The Resorts World casino in Las Vegas, one of the city’s most iconic and luxurious gambling destinations, is facing potential fines in the millions of dollars due to alleged violations of anti-money laundering (AML) regulations. The casino, which is owned and operated by the Genting Group, has come under scrutiny by federal regulators for its handling of financial transactions and its failure to adequately monitor and report suspicious activity.
According to sources familiar with the situation, the Financial Crimes Enforcement Network (FinCEN) has been investigating the casino for several months and has uncovered a pattern of lax AML compliance that may have exposed the casino to money laundering and other illicit activities. The investigation reportedly found that the casino failed to properly screen and document cash transactions, did not adequately monitor transactions for potential money laundering, and did not have adequate internal controls in place to prevent financial crime.
The potential fines that Resorts World could face are significant, with estimates ranging from $10 million to $50 million or more. These penalties could have a major impact on the casino’s bottom line and reputation, as well as potentially impacting the Genting Group’s overall financial standing.
In response to the investigation, Resorts World’s parent company has pledged to cooperate fully with regulators and take immediate steps to address any compliance deficiencies. The casino has reportedly hired additional AML compliance personnel, implemented stricter monitoring procedures, and enhanced its training programs for staff to ensure better adherence to AML regulations.
This latest investigation comes as Las Vegas casinos are facing increased scrutiny from regulators over potential money laundering risks. In recent years, several other major casinos in the city have been fined for failing to properly report suspicious transactions and comply with AML regulations.
The potential penalties facing Resorts World highlight the need for all casinos to take AML compliance seriously and to invest in robust compliance programs to protect against financial crime. As the investigation continues and more details emerge, it remains to be seen how this will impact the future of the iconic casino and its reputation as a premier gambling destination in Las Vegas.