Genting Reaffirms Commitment to High Standards of Integrity Following Allegations of Misconduct
Date: 2024-08-20 Author: Alex Crawford Categories: EVENTS
Resorts World Las Vegas (RWLV), owned by Genting Berhad, has issued an official statement in response to the latest allegations of anti-money laundering (AML) violations made by the Nevada Gaming Control Board (NGCB) on August 15.
List of Violations
The NGCB has expressed concerns about the company’s compliance with industry requirements. Among the allegations leveled against RWLV are “failure to establish the source of funds of an alleged bookmaker,” “failure to prohibit or restrain two alleged illegal bookmakers,” and “failure of two registered casino employees to report suspected illegal bookmaking activities.”
Additional allegations included using the "spouse of an alleged bookmaker" as an independent agent who then acted as a casino host for the illegal bookmaker. The company also allegedly failed to prohibit or restrict access to credit for convicted illegal gambling operators and betting tippers.
Additionally, the NGCB's complaint filed with the Nevada Gaming Commission links Resorts World to the California sports betting scandal. The company is also accused of laundering millions of dollars through illegal bookmaker Matthew Boyer over a period of 18 months, during which time Boyer played on credit despite employees knowing of his status.
Boyer pleaded guilty to three federal charges in early August.
GENT and RWLV Take Charges Seriously
The company stressed that GENT and RWLV take the allegations and "any suggestion of wrongdoing" at Resorts World Las Vegas "very seriously." Holding company Genting Group said GENT and its subsidiaries are “committed to conducting business with the highest integrity and in compliance with applicable laws and industry guidelines.”
In the same statement, Genting detailed potential actions that could be taken against them by the NGCB, including the possibility of a fine of “a monetary amount in accordance with the parameters set forth in NRS 463.310(4) for each individual violation of the provisions” or other disciplinary action, including loss of license.
Regulators can also appoint a “monitor pursuant to NRS Chapter 463B in the event that the Commission revokes or suspends” RWLV’s unrestricted gaming license.
To date, RWLV has been actively cooperating with the NGCB, and GENT and RWLV are committed to addressing any issues identified and ensuring that Resorts World Las Vegas’ business practices “are in compliance with all regulatory and legal requirements.”
The company, having sought legal advice, is expected to make "an appropriate announcement on further material developments" in due course.
