Casino company Wynn Resorts is paying $130 million to federal authorities and admitting that it allowed unlicensed money transfers from around the world to reach gamblers at its flagship Las Vegas Strip property.
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U.S. Attorney Tara McGrath in San Diego said the settlement showed that casinos are accountable if they let foreign customers evade U.S. laws. She said $130 million was believed to be the largest forfeiture by a casino “based on admissions of criminal wrongdoing.” One, dubbed “Flying Money,” involved an unlicensed money agent using multiple foreign bank accounts to transfer money to the casino for use by a patron who could not otherwise access cash in the U.S.
Wynn Resorts called its agreement with the government a final step in a six-year effort to “put legacy issues fully behind us and focus on our future.” The SEC filing noted the investigation began about 2014. Last year, in an agreement with Nevada gambling regulators, he agreed to cut links to the industry he helped shape in Las Vegas andfor failing to investigate claims of sexual misconduct made against him before he resigned. Massachusetts gambling regulators fined the company and a top executivefor failing to disclose the sexual misconduct allegations against Wynn while it applied for a license for its Encore Boston Harbor resort. The company made no admissions of wrongdoing.
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