Las Vegas, Nevada – In a shocking turn of events, Wynn Resorts has agreed to pay a staggering $130 million to settle allegations that the company allowed illegal money to flow through its flagship Las Vegas Strip casino.
The settlement, which was announced by the Nevada Gaming Control Board on Thursday, marks one of the largest fines ever imposed on a casino operator in the state’s history. It stems from a year-long investigation into Wynn Resorts’ compliance with anti-money laundering regulations at its luxurious Wynn Las Vegas property.
According to the Gaming Control Board, investigators found evidence that Wynn Resorts had failed to properly vet high-roller gamblers and monitor their transactions for signs of criminal activity. As a result, the casino allegedly allowed millions of dollars in illicit funds to be wagered at its tables and slot machines.
In a statement, Wynn Resorts CEO Matt Maddox expressed regret for the lapses in oversight and pledged to work closely with regulators to strengthen its anti-money laundering protocols. He also stressed that the company takes its obligations to prevent financial crimes very seriously.
“We deeply regret the incidents that led to this settlement and are committed to learning from our mistakes to ensure they are never repeated,” Maddox said. “We will continue to hold ourselves to the highest standards of compliance and transparency.”
The $130 million fine will be divided between the state of Nevada, which will receive $20 million, and various federal agencies that participated in the investigation, including the Department of Justice and the Financial Crimes Enforcement Network. The remainder of the settlement will go towards funding enhanced anti-money laundering training for Wynn Resorts employees and investing in new technology to better track and report suspicious transactions.
The fallout from the scandal could have far-reaching implications for Wynn Resorts, which has already been under intense scrutiny following allegations of sexual misconduct against its former CEO, Steve Wynn. The company has also faced criticism for its handling of the COVID-19 pandemic and recent labor disputes with its employees.
The settlement comes at a challenging time for the casino industry, as operators across the country grapple with the economic fallout from the pandemic and increased competition from online gambling. Wynn Resorts, which operates several high-end resorts in Las Vegas and Macau, will need to work diligently to restore its tarnished reputation and regain the trust of regulators and customers alike.
As news of the settlement reverberated through the Las Vegas Strip, industry analysts and legal experts weighed in on the implications for Wynn Resorts and the broader gaming sector. Some expressed concern that the hefty fine could signal a new era of strict enforcement by regulators, while others saw it as a wake-up call for casinos to prioritize compliance and risk management.
Regardless of its impact on the company’s bottom line, the settlement serves as a stark reminder of the high stakes involved in the casino business and the need for vigilant oversight to prevent financial crimes. For Wynn Resorts, the road to redemption may be long and challenging, but the company’s willingness to own up to its mistakes and take corrective action could ultimately pave the way for a brighter future.