Genting Commits to High Integrity Standards After AML Claims

Resorts World Las Vegas (RWLV) owner, Genting Berhad, has issued a statement responding to the latest anti-money laundering (AML) violation claims brought forward by the Nevada Gaming Control Board (NGCB) on August 15.

List of Violations 

NGCB’s list of violations questioned the way the company tackles the industry’s compliance requirements. 

Allegations against RWLV included “failure to establish suspected bookmaker’s source of funds”, “failure to bar, ban or otherwise restrict two suspected illegal bookmakers”, and “failure of two registered gaming employees to report suspected illegal bookmaker.”

Additional allegations formulated against the hospitality and casino development company owned by the publicly traded corporation in Malaysia referred to the use of a “suspected bookmaker’s spouse” as an independent agent. 

The latter then acted as a casino host for the illegal bookmaker. 

The company also allegedly failed to ban, restrict, or extend credit to convicted operators of an illegal gambling business and transmitters of wagering information.

NGCB’s complaint filed before the Nevada Gaming Commission also tied Resorts World to a sports betting scandal in California. 

The company also allegedly laundered millions from illegal bookmaker Mathew Bowyer over a period of one year and a half, during which the latter gambled on credit despite employees knowing his status as an illegal bookmaker. 

Earlier this month, Bowyer pled guilty to three federal charges. 

GENT and RWLV Take the Accusations “Very Seriously”

The company emphasized that GENT and RWLV took the allegations and “any suggestion of violations” related to operational issues at Resorts World Las Vegas “very seriously.”

Genting Group’s holding company explained that both GENT and its subsidiaries were “committed to doing business with the utmost integrity and in line with applicable laws and industry guidelines.”

In the same statement, Genting outlined NGCB’s possible reliefs against them, acknowledging that it could receive a fine in the form of a “monetary sum pursuant to the parameters defined in NRS 463.310(4) for each of the separate violation of the provisions” or be subject to other disciplinary measures, potentially losing its license. 

Regulators are also entitled to assign a “supervisor pursuant to NRS Chapter 463B in the event the Commission revokes or suspends ”RWLV’s nonrestricted gaming license.” 

In the meanwhile, RWLV “has been actively working to communicate with the NGCB” while both GENT and RWLV were looking forward to fixing the issues raised by the board and making sure Resorts World Las Vegas’s business practices “meet all regulatory and legal requirements.”

The respondents, who proceeded to seek legal advice, are expected to make “the necessary announcement on further material development” of the matter at the appropriate time.