Nevada Gaming Control Board Takes Action against Genting over Illegal Gambling
The Nevada Gaming Control Board (NGCB) has recently initiated a disciplinary action against Resorts World Las Vegas, LLC, along with its parent and affiliated entities, including Malaysia's Genting Bhd.
The Resorts World Las Vegas casino resort in Las Vegas at night. (Source: Visit Las Vegas)
LISTEN TO THIS ARTICLE:This move comes after allegations surfaced that the company did not adhere to the stringent regulations required of a Nevada gaming license holder. Specifically, the complaint accuses the company of permitting individuals with known or suspected connections to illicit activities to engage in gambling at their Las Vegas property. It's part of a larger Las Vegas scandal involving illegal bookie Mathew Bowyer and others.
Related: Resorts World under Investigation for Money Laundering AllegationsOn August 15, the NGCB released a statement detailing the findings of their investigation into Resorts World Las Vegas (RWLV). The report highlighted a concerning lack of compliance with regulatory standards, which purportedly fostered an environment conducive to individuals linked to illegal bookmaking and organized crime.
The statement also shed light on the identities of several individuals with criminal backgrounds who were allowed to place wagers at RWLV. Among them is Bowyer, who has admitted guilt to charges of running an illegal gambling operation, money laundering, and tax evasion. Also included are Edwin Ting, a convicted illegal gambling operator with known organized crime affiliations, and Chad Iwamoto, who was recently found guilty of illegal wagering information transmission and tax-related offenses.
The case of former RWLV President and COO Scott Sibella is particularly noteworthy. Sibella was dismissed from his role in September 2023 following a breach of company policy. While the specifics of the violation were not disclosed, there was widespread speculation that his termination was connected to an ongoing NGCB probe into RWLV's dealings with David Stroj, a convicted bookmaker. This suspicion was further fueled when RWLV self-reported a potential conflict of interest upon discovering that Stroj might have had an investment in a restaurant located within the resort, which was managed by his father.
More Business News
Possible Outcomes
RWLV has the right to defend itself against all accusations, but the disciplinary complaint carries significant potential repercussions. The allegations of non-compliance with Nevada's gaming laws could lead to a range of punitive measures.
These may include imposing substantial fines on RWLV for each count of violation noted in the complaint. Given the severity of the charges, the fines could amount to millions of dollars.
Moreover, the NGCB has the authority to revoke or suspend RWLV's gaming license, which would be a drastic measure, effectively halting the company's gaming operations in Nevada. Such an action would not only impact RWLV's financial standing but also its reputation within the industry.
The removal of executives linked to the allegations is another possible outcome, as the NGCB's investigation found that certain RWLV executives may have negligently disregarded or willfully ignored illegal activities for financial gain. This could lead to a significant reshuffling of the company's leadership and necessitate a rigorous review of its internal controls and compliance procedures.
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Nevada Gaming Control Board Takes Action against Genting over Illegal Gambling