The Nevada Gaming Commission slapped Wynn Resorts Ltd. with a hefty $5.5 million fine in order to resolve a complaint brought against them. This marks the third significant penalty imposed on a Strip property this year due to a lack of oversight regarding illegal gambling activities. The commission voted 4-1 in favor of the settlement, with Commissioner Rosa Solis-Rainey being the sole dissenting vote, arguing that the fine was too lenient compared to previous disciplinary actions.
The complaint, filed by the Nevada Gaming Control Board just a week prior, centered around Wynn’s involvement with unlicensed money transmitting businesses as part of a scheme to attract high rollers. Although the employees responsible for these actions are no longer with the company, Wynn issued an apology and emphasized their commitment to upholding the highest standards of integrity and compliance with industry regulations. The company acknowledged the wrongdoing and expressed relief that the matter would soon be put to rest.
Commissioners highlighted the serious implications of Wynn’s actions, noting that while it may not technically qualify as money laundering, the conduct raised concerns in that regard. Commissioner George Markantonis underscored the damage inflicted on Wynn’s reputation by the incident, describing it as a significant setback for both the company and the state of Nevada. He also expressed apprehension about the fired employees resurfacing in the industry, likening them to invasive species reintroduced into the ecosystem.
In a bid to rectify the situation, Wynn forfeited a substantial sum in a nonprosecution agreement with federal authorities to conclude an investigation. The company has since undergone significant restructuring, including appointing new key executives and revamping its compliance committee. Moving forward, Wynn is mandated to uphold stringent anti-money laundering measures, retain comprehensive records related to training, and ensure ongoing compliance with all regulations. Despite the challenges posed by past transgressions, Wynn remains steadfast in its commitment to fostering a culture of compliance and excellence within the organization.
