Wynn Resorts has agreed to pay $130 million to U.S. federal authorities as part of a settlement over illegal money transfers at its flagship Las Vegas Strip property. The settlement, which includes a non-prosecution agreement, resolves charges that the casino giant allowed unlicensed money transfer businesses to funnel funds to gamblers.
The U.S. Justice Department identified the $130 million as the amount involved in the transactions under scrutiny, marking the largest forfeiture ever by a casino related to criminal wrongdoing admissions. Despite the size of the settlement, Wynn Resorts did not admit to money laundering, and the settlement was not classified as a fine.
In a statement to The Associated Press, the company said: “Several former employees facilitated the use of unlicensed money transmitting businesses, which both violated our internal policies and the law and for which we take responsibility.”
The Justice Department detailed multiple methods used to transfer money between Wynn Las Vegas and foreign patrons. One method, dubbed “Flying Money,” involved an unlicensed agent using foreign bank accounts to transfer funds to the casino for patrons who could not otherwise access cash in the U.S. Another scheme involved a “Human Head” gambler who placed bets on behalf of someone unable or unwilling to do so due to anti-money laundering regulations.
U.S. Attorney Tara McGrath, based in San Diego, said that the settlement showed that casinos are accountable if they let foreign customers evade U.S. laws, noting that the $130 million forfeiture was the largest ever tied to “criminal wrongdoing” admissions by a casino.
Wynn Resorts stressed that it had severed ties with all individuals and businesses involved in the transactions. The company also described the settlement as the culmination of a six-year effort to resolve “legacy issues” dating back to 2014, allowing it to focus on its future.
Steve Wynn
The case adds to the legal troubles Wynn Resorts has faced since the departure of its former CEO, Steve Wynn, in 2018 following sexual misconduct allegations. The company has been fined multiple times in connection with those allegations, including a $20 million penalty by the Nevada Gaming Commission and $35.5 million by Massachusetts regulators.
Steve Wynn, now 82, has consistently denied the allegations and cut ties with the company, divesting his shares and resigning from the corporate board. In a 2022 settlement with Nevada regulators, he agreed to sever his connections with the casino industry and pay a $10 million fine.
The Justice Department’s investigation also led to 15 individuals admitting to money laundering, unlicensed money transmission, or other crimes, resulting in over $7.5 million in criminal penalties.
Original article: https://www.yogonet.com/international/noticias/2024/09/10/78141-wynn-resorts-agrees-to-130m-settlement-over-illegal-money-transfers-at-las-vegas-casino
