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Resorts World Las Vegas Faces $10.5 Million Fine


AML Violations Exposed
LAS VEGAS — In a decision that underscores the growing scrutiny of gaming operations in Nevada, the Nevada Gaming Commission (NGC) on Thursday, March 27, finalized a $10.5 million fine against Resorts World Las Vegas (RWLV) for historic violations of anti-money laundering (AML) regulations. The penalty, which was approved on a 4-0 vote, represents the second-largest fine ever imposed on a Nevada gaming company. Commissioner Abbi Silver recused herself from the vote due to a personal connection with former RWLV president Scott Sibella, whose past conduct is linked to the violations under review.
The fine is part of a broader crackdown on improper business practices within the state’s gaming industry, particularly regarding the failure to prevent illicit activities such as money laundering. RWLV's fine, while significant, falls short of the record $20 million penalty levied on Wynn Resorts in 2019, which stemmed from the company’s handling of sexual assault allegations against its founder, Steve Wynn.
A Breathtaking Scandal
Last month, Mizuhara was sentenced to nearly five years in prison for bank fraud and tax evasion, his illegal gambling activities contributing to the broader scandal. According to the Nevada Gaming Control Board (NGCB), RWLV management was aware of Bowyer’s illegal activities but failed to take necessary action to stop him or report the suspicious activity, violating AML regulations.
Commissioner Brian Krolicki, the only commissioner to speak extensively on the matter, called the case a “profound teachable moment” for the industry. He expressed shock at the scale of the violations but acknowledged that the settlement reached by the NGCB was an appropriate resolution, providing the opportunity for RWLV to move forward.
“[The violations] are breathtaking,” Krolicki remarked, noting that the case should serve as a stark reminder to other casinos about the importance of adhering to regulatory standards. However, he also praised the corrective steps taken by RWLV, including its leadership changes, suggesting that these moves could mark a turning point for the casino.
Leadership Overhaul and Rebuilding Efforts
RWLV, part of the Genting Berhad group, has undergone significant leadership changes in the wake of the scandal. In December 2023, industry veteran Alex Dixon was appointed as the casino’s new CEO, and a new board of directors was formed, comprising high-profile figures such as former NGCB chair AG Burnett, former Nevada Governor Brian Sandoval, and Jim Murren, the former CEO of MGM Resorts. Murren’s appointment is particularly noteworthy, given his previous oversight of MGM during a period when Bowyer and other high-profile bookies frequented the company’s properties.
Despite the negative publicity surrounding the scandal, the changes at the top are seen as part of RWLV’s efforts to rebuild and stabilize its operations. These leadership adjustments were referred to as the “dream team” by Krolicki during the commission meeting, with the expectation that they will help steer the property towards recovery.
While the fine may mark the end of one chapter, RWLV continues to face significant financial challenges. The casino, which opened in 2021 with great fanfare, has struggled to meet expectations. In the fourth quarter of 2024, the casino reported $190 million in revenue, a 21% drop from the previous year, while its EBITDA plummeted to just over $1 million. This follows a similarly disappointing third quarter, which saw a 23% decline in year-over-year revenue.
In response to these financial pressures, RWLV announced last week that it would lay off fewer than 50 full-time employees as part of a broader restructuring effort. The layoffs, while relatively small in number, reflect the ongoing difficulties facing the property as it tries to optimize its operations and return to profitability.
Despite these setbacks, Genting, RWLV’s parent company, remains committed to turning the property around. In a statement accompanying the Q4 results, the company expressed confidence that improvements in its hotel system, tailored casino offerings, and investments in dining, entertainment, and retail would help boost engagement and drive future growth.
One of the commissioners, Brian Krolicki, called the scandal ‘a profound teachable moment for the industry,' noting the severity of the violations and emphasizing that this should serve as a stark reminder to other casinos about adhering to regulatory standards.
Ongoing Repercussions
The scandal surrounding RWLV highlights the broader challenges faced by the Nevada gaming industry, particularly in ensuring compliance with strict AML regulations. Nevada’s gaming regulators have a reputation for being tough on violations, and the fines levied against RWLV demonstrate that the state is committed to holding casinos accountable for their actions.
While the $10.5 million fine and the company’s leadership changes may provide some closure, the long-term reputational damage to RWLV remains to be seen. As the casino continues to face financial difficulties, it will need to regain the trust of both regulators and customers if it hopes to overcome its troubled past and emerge as a competitive force on the Las Vegas Strip.
In the meantime, the saga of Resorts World Las Vegas serves as a stark reminder of the high stakes involved in the gaming industry, where even a single violation can have far-reaching consequences.
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