Wynn Resorts releases statement on NGCB settlement
Within the settlement, Wynn Las Vegas admitted to ‘allowing unlicensed money transfers to gamblers at the Las Vegas Strip resort in 2024′ and forfeited $130m to federal authorities.
Key Points
- Michael Weaver, CCO for Wynn Resorts, stated the company “accept(s) responsibility” for the improper actions, despite having severed ties with the individuals years prior
- Wynn Las Vegas agreed to pay a $5.5m fine to the NGCB in connection with the investigation launched during 2024
Following a reported $5.5m settlement with the Nevada Gaming Control Board (NGCB), Wynn Resorts has released an official statement, reaffirming its commitment to “acting with the highest integrity and in full compliance with all laws and regulations governing our industry.”
“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 US Attorney’s office in September 2024,” Wynn Resorts CCO Michael Weaver 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.”
Within the settlement, Wynn Las Vegas admitted to “allowing unlicensed money transfers to gamblers at the Las Vegas Strip resort in 2024” and forfeited $130m to federal authorities. According to a statement released by the NGCB, the settlement reached by Wynn Las Vegas and Nevada gaming regulators could be approved on May 22.
Good to know: Wynn Resorts released its financial results for Q1 2025 on May 6, having witnessed a decrease in operating revenue of 8.7% year-over-year for a total of $1.7bn
“Upon resolution of the federal case, NGCB Enforcement Agents completed a separate regulatory investigation and received full cooperation from Wynn LV throughout the investigation,” the NGCB said in the release.
In addition to the fine, specific conditions could also be placed on Wynn Resorts’ gaming license, which may include training and employee anti-money laundering awareness requirements and remedial measures, according to local reports.
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