Settlement Offer from Resorts World Las Vegas
Resort World Proposes a $10.5 Million Settlement to Address Alleged Shortcomings in Money Laundering Compliance with NGCB
In an attempt to clear the air concerning alleged anti-money laundering (AML) compliance failures, Resorts World Las Vegas, a subsidiary of Genting Holdings, has proposed a settlement of a whopping $10.5 million to the Nevada Gaming Control Board (NGCB). This offer aims to put an end to the complaint filed by the NGCB in August.
The proposed settlement, if approved by the Nevada Gaming Commission, would resolve the 10-count, 27-page complaint that was initially aimed at Genting and five other brands under Resorts World Las Vegas. Notably, this settlement revised the regulator's original 12-count, 31-page complaint.
According to a statement from Resorts World, they have "reached a pending settlement" with the NGCB, expressing optimism for the Nevada Gaming Commission's consideration and resolution of the matter.
The original complaint accused Resorts World of being a hotspot for organized crime, welcoming patrons with ties to the underworld. However, the settlement proposal seems devoid of any explicit references to organized crime.
Moving Forward
This settlement would mark a significant step for Resorts World in addressing previous organizational issues that affected its reputation. In February, the casino resort appointed former Nevada Governor Brian Sandoval to its executive board in an effort to rebuild corporate credibility after the firing of its ex-President and COO, Scott Sibella, who had his Nevada gaming license revoked for five years by the Commission in December.
Although Scott Sibella was not named in the NGCB's complaint, he released a statement to the Las Vegas Review-Journal, questioning whether other major casinos in Las Vegas would face investigations, given that some of the named illegal bookmakers had reportedly gambled at these casinos.
The $10.5 million fine, if approved by the Nevada Gaming Commission, would rank as the second-highest penalty ever assessed in Nevada. Additionally, Resorts World would be required to provide regular reporting of AML activities and retain all AML training records for a minimum of five years.
- The Nevada Gaming Control Board (NGCB) may assess a fine of $10.5 million against Resorts World Las Vegas, a subsidiary of Genting Holdings, as part of a pending settlement regarding alleged anti-money laundering (AML) compliance failures.
- The settlement proposal, if approved, would offer resolution to the 10-count complaint filed by the NGCB in August, which initially targeted Genting and five other brands under Resorts World Las Vegas.3.As part of the settlement, Resorts World would be required to provide regular reports on AML activities and retain all AML training records for a minimum of five years.
- The settlement comes after the appointment of former Nevada Governor Brian Sandoval to Resorts World's executive board, in an effort to rebuild corporate credibility following the firing of its ex-President and COO.
- Despite not being named in the NGCB's complaint, former Resorts World executive Scott Sibella raised questions about whether other major casinos in Las Vegas could face investigations, given that some of the named illegal bookmakers reportedly gambled at those casinos.
