Summary
- Wynn Resorts and the NGCB have agreed to a settlement stipulation.
- The settlement involves violations of several anti-money laundering laws.
- Wynn is expected to pay $5.5 million to the regulator.
The Nevada Gaming Control Board (NGCB) has intensified its scrutiny of gambling operators in the Silver State, issuing a third potential fine to a major local operator within the past three months.
NGCB and Wynn Resorts close to settling over past money-laundering failures
On Thursday, the NGCB announced a settlement with Wynn Resorts, in which the company agreed to pay $5.5 million for violations related to unregistered international money transmissions and various anti-money laundering laws. This decision follows a few months after Resorts World Las Vegas was fined $10.5 million by the regulator in March, and MGM Resorts International agreed to an $8.5 million fine in April. The settlement was prompted by improper cash payments, proxy betting, and other issues outlined in a complaint that granted the company immunity. This immunity agreement was made with federal prosecutors in September 2024. At that time, the company admitted to allowing third parties to place bets, deposit money, and settle debts on behalf of gamblers. They also acknowledged facilitating proxy betting for certain valued customers who preferred not to gamble under their own names.
Wynn Resorts is happy to move on
The individual was unable to access funds in the United States, which contributed to this situation. Wynn Resorts provided details on the settlement proceedings and issued a statement on Friday, confirming that the issue has been resolved with the regulator and apologizing for past errors: The inappropriate actions at the center of the settlement, which violated Wynn's own compliance policies and procedures, were carried out by individuals we parted ways with years ago. We accept responsibility for these actions and are relieved that the matter will soon be fully resolved. The company has encountered other issues recently. As part of its non-prosecution agreement in September, Wynn Resorts agreed to forfeit $130 million. This is the largest amount a gaming company in Nevada has forfeited to the U.S. Department of Justice. However, Wynn Resorts noted at that time that this forfeiture was not a fine or penalty. In the latest case involving violations of anti-money laundering laws, Wynn confirmed that the people involved in facilitating proxy betting are no longer with the company.
