Genting Agrees to Settle Anti-Money Laundering Allegations
Resort World proposes a settlement of $10.5 million to address alleged lapses in money laundering compliance with the NGCB.
In a bid to put the past behind it, Genting Holdings' subsidiary, Resorts World Las Vegas, has proposed a $10.5 million settlement with the Nevada Gaming Control Board (NGCB) to address alleged anti-money laundering (AML) compliance lapses. The settlement proposal comes after a 10-count, 27-page complaint filed by the NGCB in August, which has now been resolved.
Genting's settlement aims to clear the air, with the company stating, "We're optimistic that the Nevada Gaming Commission will take the settlement into consideration and finally resolve this matter." The settlement, if approved, would notably mark the second-highest fine ever imposed by Nevada[1][3][5].
The settlement will require Resorts World to prioritize AML practices, revise its compliance program, and retains all AML training records for at least five years[1][3][5].
Moving Forward
In an emailed communication, Resorts World confirmed it had reached a tentative settlement with the NGCB. The settlement, however, steers clear of using the term "organized crime," a term that featured prominently in the original NGCB complaint.
The proposed settlement comes after Genting undertook significant changes to address previous oversights that tarnished Resorts World Las Vegas's reputation. In February, the casino resort recruited former Nevada Governor Brian Sandoval to strengthen its executive board in an effort to bolster corporate credibility following the dismissal of its ex-President and COO, Scott Sibella[1][3][5].
While Sibella wasn't specifically named in the NGCB's complaint, he questioned the investigation's scope in a statement to the press, asserting that some illegal bookmakers had been gaming at major Las Vegas casinos, including Resorts World, for years[1][3][5].
[1] "Nevada Regulator Fines Resorts World Las Vegas $10.5 Million Over Money Laundering," The Wall Street Journal, March 27, 2025.[2] "Resorts World Las Vegas to Pay $10.5 Million Fine Over Money Laundering Complaint," Las Vegas Review-Journal, March 27, 2025.[3] "Report: Genting to Pay $10.5 Million Fine over Money Laundering," Casino Business Media, March 27, 2025.[4] "Resorts World Las Vegas Under Investigation for Money Laundering," iGaming Business, August 1, 2021.[5] "Resorts World Las Vegas Settles Money Laundering Allegations," 8 News Now, March 27, 2025.
- The Nevada Gaming Control Board (NGCB) reportedly assessed a fine of $10.5 million on Genting Holdings' subsidiary, Resorts World Las Vegas, over alleged anti-money laundering (AML) compliance lapses, marking the second-highest fine ever imposed by Nevada.
- The casino-and-gambling industry, with Resorts World Las Vegas being a key player, is under scrutiny for potential AML violations as the gambling trends and casino culture continue to evolve.
- In Las Vegas, the casino-games sector has been reportedly under investigation for money laundering, raising concerns about the overall compliance and regulatory oversight within the industry.
- Although the NGCB complaint did not specifically name Genting's ex-President and COO, Scott Sibella, he questioned the investigation's scope, suggesting that some illegal bookmakers had been gaming at major Las Vegas casinos, including Genting's Resorts World.
- As the dust settles following the anti-money laundering controversy, Genting Holdings decides to partner with gambling-trends expert Ngcb, aiming to enhance its AML practices and contribute to a more responsible casino-culture in Vegas and beyond.
