LAS VEGAS – The world of high-stakes gambling has been rocked by the news that Wynn Resorts Ltd. has reached a $130 million settlement with federal authorities. The company has admitted to allowing unlicensed money transfer businesses from around the globe to funnel funds to gamblers at its prestigious Las Vegas Strip property.
The non-prosecution settlement reached by Wynn Resorts represents a significant milestone in a decade-long case involving the U.S. Justice Department. The company clarified that the $130 million payment was not a fine but rather the amount of funds involved in the transactions at the Wynn Las Vegas resort.
This landmark settlement underscores the accountability of casinos in preventing foreign customers from evading U.S. laws, according to U.S. Attorney Tara McGrath in San Diego. The forfeiture, believed to be the largest by a casino based on admissions of criminal wrongdoing, sends a clear message to the industry.
Wynn Resorts has taken decisive action to address the issue, severing ties with all individuals and businesses involved in the transactions. The company acknowledged the involvement of former employees in violating internal policies and laws related to money transmission.
The agreement with the government marks the final step in a six-year effort by Wynn Resorts to resolve legacy issues and focus on the future. The investigation, which began around 2014, did not directly implicate former CEO Steve Wynn, who has faced separate legal challenges related to sexual misconduct allegations.
Despite the tumultuous legal battles, Wynn Resorts continues to navigate the fallout and reshape its corporate image. The company remains committed to upholding the highest standards of integrity and compliance in the gaming industry.
As the dust settles on this chapter of Wynn Resorts’ history, the industry watches closely to see how the company will redefine itself in the post-settlement era. The legacy of Steve Wynn may linger, but the focus now is on charting a new course for one of the most iconic names in the casino world.
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