Nevada Gaming Commission Puts Penn Entertainment Executives in the Hot Seat
The Nevada Gaming Commission (NGC) has recently placed Penn Entertainment executives under scrutiny during a session that was initially set to be a procedural review of a public offering. The session quickly escalated as the Commission brought to light several compliance issues that have been lingering since 2020.
The M Resort Spa Casino in Henderson, Nevada. (Source: CoStar)
LISTEN TO THIS ARTICLE:Commissioner Rosa Solis-Rainey referenced a series of regulatory concerns that had been identified in previous audits, indicating a pattern of non-compliance that Penn has seemingly struggled to rectify. Her observations were echoed by Commissioner Abi Silver, who expressed astonishment at the volume and severity of violations reported. "I haven't seen so many violations in one report," Silver remarked, highlighting the unusual nature of the findings.
"There’s been quite the correspondence trail between Penn and the Gaming Control Board, and one of the recent letters from you was about pride in what you’ve done in compliance. You have a lot of work to do. There’s sincere frustration with the lack of speed and seriousness. I don’t want to make it so difficult for you, but we’re watching."
Solis-Rainey posed a critical question to Chris Soriano, the company's VP and Chief Compliance Officer, regarding the delay in meeting compliance demands. Soriano responded by asserting, "It took us a little longer than we would have liked, but we wanted a set of really robust policies and that's where we landed."
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Penn Remains Noncommittal
Penn Entertainment, which operates 43 casinos across the US, including the M Resort Spa Casino in Henderson and Cactus Pete's Resort Casino in Jackpot, Nevada, found itself defending its operational practices and compliance protocols.
In response to the Commission's criticisms, Soriano acknowledged the issues and outlined the steps the company is taking to address them. He revealed plans for a comprehensive review of the company's policies, scheduled to be discussed in an upcoming compliance committee meeting on August 15.
Soriano also emphasized the company's commitment to developing a corporate policy that not only aligns with the overarching goals of the organization but also respects the unique regulatory demands of each state in which Penn operates.
He also mentioned a forthcoming meeting with the Nevada Gaming Control Board slated for September, which aims to provide a platform for Penn to demonstrate its progress and ongoing efforts to improve its compliance standing. This meeting is expected to be a pivotal moment for Penn Entertainment, as it seeks to rebuild trust with regulatory bodies and affirm its dedication to upholding the highest standards of industry compliance.
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