Wynn Resorts Slapped with $5.5M Fine in Anti-Money Laundering Clampdown
Wynn Resorts has agreed to shell out a $5.5 million penalty after reaching a deal with the Nevada Gaming Control Board (NGCB). This makes it the third big enforcement action against a Las Vegas Strip casino operator in just two months. The fine comes from breaches linked to unregistered international money transfers and wider flaws in the companyâs anti-money laundering (AML) safeguards.
Wynn Hit with AML Complaint Involving âFlying Moneyâ and Proxy Bets
Based on papers, the NGCB made public ex-Wynn Las Vegas workers helped overseas guests move money to gamble. Some deals skipped financial reporting rules, while others let people bet for others â actions that broke state gaming laws and Wynnâs own rules.
The NGCBâs six-part complaint, which goes with the deal, claims these acts were bad business practices under Nevada law. The Board said Wynnâs team allowed shady money moves and stand-in betting plans, including tricks called âflying moneyâ and âhuman headsâ, names for ways to hide where money comes from or who it is for.
The Nevada Gaming Commission will look over the $5.5 million settlement on May 22. If they say yes, Wynn will join other operators who have had to pay big fines for AML issues. In the past few months, Resorts World Las Vegas got hit with a $10.5 million fine, and MGM Resorts International agreed to hand over $8.5 million.
Wynn Resorts Cites Reforms After Massive Forfeiture, Faces New Licensing Conditions
These fines come after Wynn had to give up $130 million in September 2024. This was part of a deal with the US Department of Justice to avoid prosecution. The case was about a scheme that went on for ten years involving people who sent money without proper licenses.
Wynn Resorts says the people behind the violations do not work there anymore, and the company leadership has changed a lot. A company representative highlighted that the resort has redone its AML procedures and started better training and supervision to stop future problems. The company owned up to its past mistakes and said it aims to follow all the rules going forward.
Kirk Hendrick, who is stepping down as NGCB Chairman, mentioned that Wynn helped with the agencyâs investigation and had taken steps to fix things. The deal includes extra rules on Wynnâs gaming license, which fits with the stateâs bigger plan to beef up AML standards across all casinos.
The settlement points to a change happening in how regulators keep an eye on gaming operations. Nevada officials are trying to deal with past wrongdoings and new risks that come with casinos handling money from all over the world.
