On Thursday, the Nevada Gaming Commission imposed a $7.2 million fine on the Venetian Resort Las Vegas for anti-money laundering violations. This marks the fourth time in 2025 that a Las Vegas Strip venue has faced disciplinary action concerning failures to investigate the financial activities of illegal bookmaker Mathew Bowyer, a situation that has raised serious regulatory concerns.
The Venetian's case reflects similar issues encountered by Resorts World, MGM Resorts, and Caesars Entertainment, all of which have failed to properly verify Bowyer’s funding sources. Compliance failures by these establishments have collectively resulted in $34 million in fines.
The current case raises questions not only about financial compliance but also about the integrity of regulatory processes. Two commissioners, George Markantonis and Richard Schonfeld, recused themselves from the Venetian matter. Markantonis, who was president of the Venetian during critical periods of the investigation, and Schonfeld, a criminal defense attorney with links to a related case, both had potential conflicts of interest. Despite the recusal, the remaining commissioners unanimously approved the penalty after expressing general concerns regarding the casino’s compliance failures.
The breach was viewed through a lens of leniency by the Nevada Gaming Control Board, with Senior Deputy Mike Somps stating that the Venetian's conduct was “not as egregious” as that of other offenders. He cited several reasons, including a lack of a widespread culture of non-compliance and the absence of a federal probe into the Venetian’s practices. Notably, there was no evidence linking senior management, including Markantonis, to the illicit activities.
The investigations revealed that Bowyer, who lost $3.6 million at the Venetian during his visits from 2019 to 2021, was predominantly active before the property's sale to Apollo Global Management in 2022. Therefore, resort representatives sought to distance their current management from the infractions committed under the previous ownership of Las Vegas Sands.
Greg Brower, a representative for the Venetian, emphasized that the present operations strive to meet all state and federal compliance requirements and described the implementation of enhanced anti-money laundering policies under Apollo. Comparatively, the fine levied against the Venetian was lower than that faced by Caesars, which saw a $7.8 million penalty for bigger profits generated from Bowyer’s gambling activities.
The discussion among commissioners unearthed lingering frustrations surrounding anti-money laundering cases in the gaming spaces. Commissioner Krolicki, known for his tough stance on these issues, expressed dissatisfaction over recurrent regulatory issues stemming from Sands. He suggested that additional enforcement actions may be necessary should past management show up for questioning.
Chair Jennifer Togliatti reiterated the complexities of the two-tiered regulatory system in Nevada, which allows for thorough investigations but can lead to lengthy rulings. The overall response to the four Bowyer-related AML cases, spanning from 2022 onward, has garnered a comprehensive voting record of 15-1, signaling a coordinated regulatory effort to address compliance failures in the state’s gaming industry.
