The operators of Wynn Resorts Ltd. are learning the hard way that details matter, especially when they are related to anti-money laundering compliance. Late last week the Nevada Gaming Control Board (NGCB) hit Wynn with a $5.5 million fine for a series of unlicensed cash transfers made as part of an effort to lure high rollers to the casino.
Wynn’s current management team took full responsibility for the errors, which were implemented by former employees, in a statement reported on by the Las Vegas Review Journal saying, “We are pleased that we have resolved this matter with the Nevada Gaming Control Board, which is the same matter Wynn Las Vegas resolved with the U.S. Attorney’s office in September 2024. Wynn Resorts is committed to acting with the highest integrity and in full compliance with all laws and regulations governing our industry. The improper actions that are the subject of the settlement, which violated Wynn’s own compliance policies and procedures, were undertaken by individuals with whom we severed ties years ago. We accept responsibility for those actions and are now glad the matter will soon be fully resolved.”
Unfortunately for Wynn Resorts, the $5.5 million fine from the Nevada gaming regulators was just the tip of the iceberg. In a settlement with the US Government related to the same case, Wynn Resorts forfeited $130 million in funds that were part of out-of-compliance transactions.
Wynn Resorts is the third major Strip casino to catch a multi-million fine from the NGCB with Resorts World paying out $10.5 million and MGM Resorts paying out $8.5 million.