On Thursday, the Nevada Gaming Commission sanctioned the Venetian Resort Las Vegas with a $7.2 million fine for lapses in anti-money laundering (AML) protocols. This penalty marks the fourth against a Las Vegas Strip property tied to transactions involving illegal bookmaker Mathew Bowyer, following similar actions taken since the beginning of 2025.
Investigations revealed that the Venetian, along with Resorts World, MGM Resorts, and Caesars Entertainment, failed to verify Bowyer’s funding sources, and each compliance department inadequately addressed his presence on their premises. Cumulatively, these four cases have resulted in a total of $34 million in fines.
The Venetian's case shares similarities with these earlier cases, including issues related to ownership and conflicts of interest among regulators. Two of the five commissioners, George Markantonis and Richard Schonfeld, recused themselves from discussing the Venetian’s situation. Notably, Apollo Global Management, which currently owns the resort, accepted the fine, even though the investigation identified the majority of the misconduct as occurring between 2019 and 2021, while it was under the ownership of Las Vegas Sands.
Markantonis previously served as the Venetian's president during that timeframe, while Schonfeld had represented an individual involved in a related probe. The remaining commissioners expressed standard criticisms of the casino, ultimately approving the settlement unanimously.
During the proceedings, it was indicated by Mike Somps, a senior deputy from the attorney general's office, that the conduct of the Venetian was “not as egregious” as that of other establishments involved with Bowyer. He outlined five reasons supporting this assessment:
1. The board found no evidence of a “culture of non-compliance.”
2. The Venetian had not been subjected to a federal investigation for the specified violations.
3. The misconduct was restricted solely to Bowyer and no other illegal bookmakers.
4. The compliance department lacked any information regarding Bowyer’s illegal activities.
5. No senior executives were found to have knowledge of Bowyer’s actions.
This last point likely includes Markantonis, given his position. A commission spokesperson declined to comment on his involvement when approached.
Las Vegas Sands did not respond to requests for commentary regarding the investigation. Schonfeld did not reveal the identity of the individual connected to his recusal, though his firm has defended several clients accused of gaming-related crimes, including high-profile figures tied to underground sports betting.
Between 2019 and 2024, Bowyer frequented the Venetian numerous times, racking up losses of approximately $3.6 million at the casino. The imposed fine effectively amounts to double that loss, though it is less severe than penalties faced by his associates, such as Caesars’ $7.8 million fine, which was triple the $2.6 million it made from Bowyer.
In addressing the commission, representatives of the Venetian expressed regret but distanced themselves from the actions of Sands. Attorney Greg Brower emphasized that almost all of Bowyer’s activities predated Apollo’s acquisition in 2022, noting that less than $100,000 of his profits occurred under the new ownership.
“Since taking over, the current licensee has strived to comply with all regulatory obligations,” Brower stated.
Brower, a former chief compliance officer at Wynn Resorts, referenced that during the same period, Wynn reached a $130 million settlement for unlicensed foreign betting allegations. The Nevada Gaming Commission members questioned Brower and Venetian CEO Patrick Nichols about Sands’ compliance failures, to which they could provide only general responses, with Brower remarking that Sands’ AML compliance had been seen as ineffective.
Nichols claimed a significant shift has occurred under new management, stating that they do not keep players whose money source raises any suspicion.
Chairman Michael Dreitzer affirmed that the fine was appropriate considering the situation's severity compared to other Bowyer-related cases.
Commissioner Brian Krolicki expressed ongoing frustration with persistent AML issues. He indicated that previous management was primarily to blame, suggesting that the recent penalties might not adequately address casino compliance failures. Krolicki mentioned the potential for a public hearing linked to these matters but deemed it unnecessary for now, adding that if previous management were present, his perspective might differ.
Commission Chair Jennifer Togliatti pointed out that her legal experience has made her cautious about influencing ongoing negotiation processes. The investigation into the Venetian took a year, followed by six months of negotiations, which Togliatti acknowledged.
In total, four cases tied to Bowyer have received votes totaling 15-1, with the only dissenting vote coming from former commissioner Rosa Solis-Rainey regarding Caesars. Solis-Rainey, who departed the commission in April, has stated that the AML fines do not sufficiently address the issues casinos have allowed.
