Venetian owners fined $7.2m over AML failures linked to bookmaker
The Nevada Gaming Commission has approved a settlement requiring The Venetian to strengthen its anti-money-laundering controls.
US.- The Nevada Gaming Commission has approved a settlement requiring the current owners of The Venetian to pay a $7.2m fine and upgrade anti-money-laundering procedures over violations linked to convicted bookmaker Mathew Bowyer. The settlement was approved 3-0, with commissioners Richard Schonfeld and George Markantonis recusing themselves.
According to the Nevada Gaming Control Board, Bowyer deposited more than $22.3m at the property between 2019 and 2021, wagered millions, and lost at least $3.6m. The casino’s host knew Bowyer was an illegal bookmaker, but failed to report that information as required under its AML programme, it said.
The settlement requires The Venetian to maintain or increase AML compliance staffing for at least two years and regularly review its policies. The property must also complete comprehensive AML training within 60 days, appoint a person responsible for the program and participate in FinCEN’s Section 314(b) information-sharing program.
The Venetian complex, which includes the Palazzo and Venetian Expo, was acquired by Apollo from Las Vegas Sands as part of a $6.25bn transaction in February 2022.
The $7.2m fine represents twice Bowyer’s losses at the casino and takes into account previous enforcement actions involving his activities. Las Vegas casinos have now faced $34m in combined fines connected to Bowyer, with fines of $10.5m against Resorts World, $8.5m against MGM Resorts and $7.8m against Caesars Entertainment.
Nevada Gaming Control Board Chair Mike Dreitzer said The Venetian’s violations were serious but less egregious than those in the previous cases. Most of Bowyer’s activity occurred before Apollo Global Management acquired The Venetian in 2022 and obtained a new gaming licence.
Greg Brower, an lawyer for The Venetian, told the commission that of the $3.6 m lost by Bowyer, only $88,000 was lost after Apollo took over the company. Bowyer was banned from The Venetian on March 11, 2024, because of money-laundering concerns.
“I want to clearly state that my client, The Venetian, very much regrets the circumstances that led to this settlement agreement,” Brower said, “Clearly, more effective and timely due diligence and decision-making concerning Mr Bowyer could have and should have been done relative to his source of funds before 2022.”
