Wynn Resorts Fined $5.5M for Illegal High-Roller Scheme

Wynn Resorts is in hot water over a gambling scheme that has money laundering implications and the illegal behavior may not be isolated to just one property on the Las Vegas Strip.

The legendary Las Vegas Strip resort has been fined $5.5 million by the Nevada Gaming Commission in order to settle a complaint surrounding failed oversight of illegal gambling, according to the Las Vegas Review-Journal.

The gaming commission voted 4-1 for the fine, with one commission voting against it because she felt $5.5 million was not enough of a penalty.

The case surrounds Wynn’s use of unlicensed money transmitting businesses as part of its effort to lure high rollers to the resort, according the the Las Vegas Review Journal.

The company has apologized for the infraction and the employees involved are no longer employed by Wynn. Additionally, Wynn issued a statement addressing the matter:

“Wynn Resorts is committed to acting with the highest integrity and in full compliance with all laws and regulations governing our industry,” the Wynn statement said. “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.”

Members of the Nevada Gaming Commission issued their own statement on the case, noting that while the illegal transmission of money by Wynn technically was not money laundering, “the conduct has serious money laundering implications.”

Commissioner George Markantonis commented on his own stating that the iconic resort’s reputation is marred by this development.

“It’s a huge body blow,” Markantonis said, per the Las Vegas Review-Journal. “It’s also a body blow for us (state of Nevada) because it becomes ‘What are we going to do about it?’ ”

The incident at the Wynn may be an indicator of more far reaching problems on the Las Vegas strip.

The Nevada Gaming Control Board does not comment on  ongoing investigations, according to the Las Vegas Review Journal. However, there are reports that board agents are investigating other potentially illegal play by bookmakers at other Strip properties.

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