{"id":329941,"date":"2024-09-06T19:36:37","date_gmt":"2024-09-07T00:36:37","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=329941"},"modified":"2024-09-06T19:36:37","modified_gmt":"2024-09-07T00:36:37","slug":"wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/","title":{"rendered":"Wynn Las Vegas Strikes $130M DOJ Settlement, Largest Fine Ever for a US Casino"},"content":{"rendered":"

The Department of Justice (DOJ) and Wynn Resorts (NASDAQ: WYNN) announced late Friday that the gaming company\u2019s Wynn Las Vegas unit agreed to forfeit $130.13 million to the government to settle claims the casino operator worked with unregulated money transfer enterprises to shift capital for the benefit of the company.<\/p>\n

\"Wynn
Wynn Las Vegas. The venue was hit with a $130 million fine by the Justice Department — the largest ever for a US casino. (Image: Eater Vegas)<\/figcaption><\/figure>\n

The fine, which is part of a non-prosecution agreement (NPA), is believed to be the largest on record for any US-based casino company \u201cbased on admissions of criminal wrongdoing,\u201d according to DOJ. Las Vegas-based Wynn Resorts notified investors about the penalty in a form 8-K filing with the Securities and Exchange Commission (SEC) late Friday.<\/p>\n

Pursuant to the NPA, Wynn Las Vegas agreed to forfeit $130 million in funds involved in the transactions at issue and continue to make certain enhancements to its compliance program. The DOJ agreed that, subject to Wynn Las Vegas\u2019s fulfillment of its obligations under the NPA, it will not bring any criminal charges against Wynn Las Vegas concerning the subject matter of its investigation, subject to standard reservations of rights and certain reserved claims,\u201d said the gaming company in the regulatory document.<\/p><\/blockquote>\n

News of the penalty hasn\u2019t spooked Wynn shareholders as of yet as the stock was down just 0.16% in Friday\u2019s after-hours session. As part of the NPA, Wynn Las Vegas admitted that it used an illegal money transfer system to skirt regulated, traditional anti-money laundering<\/a> protocols.<\/p>\n

Wynn Las Vegas Money Transfers Had China Ties<\/h2>\n

DOJ outlined several scenarios in which violations at Wynn Las Vegas had ties to China. In one example known as \u201cHuman Head\u201d or \u201cHuman Hat\u201d betting, a\u00a0 guest of the Sin City casino resort would use a proxy to wager their funds for fear that if they bet themselves, they\u2019d run afoul of US Bank Secrecy Act or Anti-Money Laundering (BSA\/AML) laws.<\/p>\n

\n

The Justice Department said Wynn Las Vegas knowingly allowed such behavior to occur without scrutinizing those moves or reporting it to the appropriate regulators. DOJ also mentioned the \u201cflying money\u201d scheme in which Wynn Las Vegas \u201cfacilitated the unlicensed transfer of money to and from China.\u201d<\/p>\n<\/div>\n

\u201cA money processor, acting as an unlicensed money transmitting business, collected U.S. dollars in cash from third parties in the United States and delivered that cash to a WLV patron who could not otherwise access cash in the U.S. The patron then electronically transferred the equivalent value of foreign currency from the patron\u2019s foreign bank account to a foreign bank account designated by the money processor,\u201d said DOJ in a statement.<\/strong><\/p>\n

Wynn Resorts\u2019 Wynn Macau unit runs two<\/a> integrated resorts in the Chinese territory, but DOJ didn\u2019t mention anything about the operator\u2019s Macau exposure playing a role in the money transfer schemes that occurred at the company\u2019s Las Vegas property.<\/p>\n

DOJ added that in another example of Wynn Las Vegas flouting anti-money laundering regulations, the venue didn\u2019t report millions of dollars in transactions attributable to a Chinese guest who \u201chad spent six years in prison in China for conducting unauthorized international monetary transactions and violations of other financial laws.\u201d<\/p>\n

Wynn Looks to Put Ominous Chapter to Bed<\/h2>\n

While the bulk of the operator\u2019s earnings and revenue are derived from Macau, Wynn\u2019s Las Vegas complex<\/a>, consisting of the namesake casino hotel and adjoining Encore, are vital to its US presence and overall investment thesis. That confirms it behooves the operator to put the illegal money transfer issue to rest.<\/p>\n

\u201cIn reaching the resolution set forth in the NPA, the DOJ took into account the historical nature of the transactions at issue; Wynn Las Vegas\u2019s cooperation with the DOJ\u2019s multi-year investigation; that Wynn Las Vegas no longer employs or is affiliated with any of the individuals implicated in the transactions at issue; and Wynn Las Vegas\u2019s extensive remedial measures, many of which were undertaken prior to the parties entering into the NPA,\u201d said the gaming company in the SEC filing.<\/p>\n

The case was investigated by the DEA, Homeland Security Investigations (HSI), and the IRS<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Department of Justice (DOJ) and Wynn Resorts (NASDAQ: WYNN) announced late Friday that the gaming company\u2019s Wynn Las Vegas unit agreed to forfeit $130.13 million to the government to settle claims the casino operator worked with unregulated money transfer enterprises to shift capital for the benefit of the company. The fine, which is part […]<\/p>\n","protected":false},"author":46,"featured_media":259192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81886,60,13592,84511],"tags":[81903,23,81928,81895,82714],"acf":[],"yoast_head":"\nWynn LV Strikes $130M DOJ Settlement, Largest Fine Ever for a US Casino<\/title>\n<meta name=\"description\" content=\"Wynn Las Vegas Strikes $130M DOJ Settlement, Largest Fine Ever for a US Casino.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn LV Strikes $130M DOJ Settlement, Largest Fine Ever for a US Casino\" \/>\n<meta property=\"og:description\" content=\"Wynn Las Vegas Strikes $130M DOJ Settlement, Largest Fine Ever for a US Casino.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-07T00:36:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/\",\"name\":\"Wynn LV Strikes $130M DOJ Settlement, Largest Fine Ever for a US Casino\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn.jpg\",\"datePublished\":\"2024-09-07T00:36:37+00:00\",\"dateModified\":\"2024-09-07T00:36:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Las Vegas Strikes $130M DOJ Settlement, Largest Fine Ever for a US Casino.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-lv-strikes-130m-doj-settlement-largest-fine-ever-for-a-us-casino\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Wynn Las Vegas. 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