Wynn Resorts Pays $5.5M Fine for AML Failures, Drops New York Casino Bid

The settlement relates to the Las Vegas casino operator’s use of unlicensed money transmitters to recruit foreign gamblers, proxy betting, and “flying money” transfers.

Last year, the casino group agreed to forfeit $130 million to the U.S. Department of Justice (DOJ) under a non-prosecution agreement. This is the largest monetary forfeit ever by a US casino.

Wynn Resorts wrongdoing explained

In this case, the company set up a complex network to recruit foreign gamblers to play at casinos through proxy bettors.

Wynn Las Vegas terminated the employment of those involved in the scheme. As part of the settlement, it has also agreed to enforce stricter AML regulations and provide training for employees.

“Wynn Resorts is committed to acting with the highest integrity and in full compliance with all laws and regulations governing our industry. We accept responsibility for those actions and are now glad the matter will soon be fully resolved.”

Wynn withdraw bid for New York casino

“After careful consideration, we have decided not to lodge an application for a gaming license in New York City,” Wynn Resorts said as part of the statement.

“The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buy backs, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employee 5,000 New Yorkers.”

The City Planning Commission had granted approval for the project in April, but the Hudson yards community had voiced opposition and rejected the proposal in January this year.

Adam Roarty

Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.