Regulatory authorities in Nevada suggest imposing a $8.5M penalty on MGM Resorts due to alleged anti-money-laundering violations.
United States | Nevada | Sin City shenanigans | Regulation | Buck Wargo, our saucy scoop
Locked and loaded for some juicy gossip? Let's dive into the guts of a gripping yarn, baby! MGM Resorts International, the casino behemoth churning out dreams and dough up in Las Vegas, is in hot water again. This time, their transgressions have taken them on a wild ride with some less-than-reputable characters and hefty fines.
Ready to get the lowdown on this steamy story? Here's the skinny:
The Nevada Gaming Control Board, the state's gambling poobahs, issued a proposed settlement on Friday, and guess who's gonna need to dig deep for some serious dough? Yup, you guessed it—MGM Resorts International! The smokin'-hot casino titan will be slapped with an $8.5 million fine for their naughty links to an underground bookie—making their total financial penalty a whopping $29.4 million!
Hold onto your hats, 'cause we're headed to the Nevada Gaming Commission's meeting on Thursday to get the final verdict. This messy story revolves around an illicit bookie named Wayne Nix, and MGM's MGM Grand and the Cosmopolitan of Las Vegas—which wasn't under MGM's control at the time.
The 72-page complaint and proposed disposition of the case are available on the Gaming Control Board's website, and let me tell you, it's a steamy read! The MGM Grand finds itself in hot water due to accusations of accepting over $4 million in cash from Nix—yep, they're accused of betting on the bad side!
But that's not all, folks; MGM had to shell out $6.52 million to the federal government as part of a non-prosecution agreement earlier. The Cosmopolitan, previously run by some shady characters (yes, the same Cosmopolitan that MGM bought in 2021), also paid a $928,600 fine to the feds as part of a similar agreement. The federal complaint said that by 2020, ol' Cosmo had taken $928,600 in bets, too!
As if that weren't embarrassing enough, the complaint accuses MGM Resorts International of implementing unsuitable methods of operation due to the activities of said illicit bookie, Wayne Nix. They also detail the activities of another sketchy bookie, Matthew Bowyer, whom the Nevada Gaming Control Board unearthed while investigating this mess. The complaint focuses on MGM's anti-money laundering (AML) program failures.
In the wee hours of Friday morning, the Gaming Control Board spilled the beans on their statement, explaining that the complaint originated from activities of "illegal bookmaker Wayne Nix, which were described in non-prosecution agreements between the U.S. Attorney's office for the Central District of California and MGM Grand and The Cosmopolitan." They casually dropped in that their extensive investigation included cooperation from MGM's executive and rank-and-file employees.
Now, you might be wondering if MGM's former COO and President, Scott Sibella, was involved in this fiasco. Oh, yes, dear! Not only was Sibella playing with fire, but he also paid the price. In December 2023, he admitted to federal charges, including failing to report Nix's dealings and having his gambling license yanked by Nevada regulators. Bye-bye, Sibella!
Ultimately, the feds put him on probation for a year and fined him a measly $9,500. Yeah, that seems fair, doesn't it?
The proposed settlement details several remedial measures MGM has put in place to stop their naughty behavior. The improvements focus mainly on enhancing their AML program, offering added training, and shelling out more dosh. Employees who deal directly with consumers must now report suspicious activity via the company's ethics website. Say goodbye to dirty dealings, I guess!
Stay tuned to see if MGM Resorts International gets off with the $8.5 million fine, 'cause we sure can't wait to see 'em squirm! Ciao, amigos! 💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳💪💎💰🎭🎰🎯🍾🎉💃🕺🎳!
- MGM Resorts International, operating in Las Vegas, is facing an $8.5 million fine from the Nevada Gaming Control Board due to their ties with an underground bookie.
- The general news outlets have covered this steamy story regarding MGM Resorts International's dealings with a bookmaker named Wayne Nix, and the connection with the MGM Grand and the Cosmopolitan of Las Vegas.
- Crime and justice sections of newspapers have reported remediation efforts by MGM Resorts International, including improvements in their anti-money laundering (AML) program, additional training for employees, and increased reporting of suspicious activity.
- The casino culture in Las Vegas, as represented by MGM Resorts International, has once again found itself embroiled in controversy following the announcement of charges and fines related to illegal bookmakers.
- The Nevada Gaming Commission's meeting on Thursday will provide the final verdict on the proposed settlement, which includes penalties for MGM Resorts International connected to Casino-and-gambling-related crimes.
