The Nevada Gaming Commission has sanctioned the Venetian Resort Las Vegas with a $7.2 million fine for anti-money laundering (AML) violations, marking the fourth substantial penalty against a Las Vegas Strip property since early 2025 connected to activities involving illegal bookmaker Mathew Bowyer.
This case mirrors earlier investigations of Resorts World, MGM Resorts, and Caesars Entertainment, which all similarly failed to verify Bowyer's funding sources and did not prevent him from accessing their facilities. Combined, these penalties now total $34 million.
The Venetian instance further reflects ownership changes and overlapping interests among regulators. Commissioners George Markantonis and Richard Schonfeld recused themselves from the deliberations, while Apollo Global Management, the current owner, accepted the penalty, even though much of the misconduct occurred between 2019 and 2021, when Las Vegas Sands was the owner.
Previous cases involving MGM and Resorts World also featured commissioner recusal, and Caesars dealt with former ownership issues as well. Markantonis was the president of the Venetian during the timeframe of Bowyer's investigation, and Schonfeld has ties to a related case.
Mike Somps from the attorney general's office informed the commissioners that the Nevada Gaming Control Board felt the Venetian warranted leniency, asserting its conduct was "not as egregious" as the actions of its peers. Specifically, he cited several reasons:
1. The board found no evidence of a "culture of non-compliance".
2. The Venetian was not subjected to a federal investigation.
3. Bowyer's misconduct was determined to be isolated.
4. The compliance team at the Venetian lacked knowledge of Bowyer's illegal operations.
5. There was no indication of senior executives being aware of Bowyer's activities.
This last point may imply a lack of responsibility on Markantonis' part. A spokesperson for the commission did not comment on his involvement when approached.
Las Vegas Sands has not commented on the investigation despite multiple requests. Schonfeld's recusal was also vague regarding his representation of individuals in related legal matters, including clients accused of gaming violations.
Between 2019 and 2024, Bowyer frequented the Venetian, losing a total of $3.6 million, leading to the $7.2 million fine being double that amount. In comparison, Caesars’ fine of $7.8 million was triple its profit associated with Bowyer.
Representatives from the Venetian expressed remorse during the commission's meeting but stressed they were distancing themselves from Sands’ violations. Greg Brower, an attorney for the Venetian, noted that most of Bowyer's activity occurred prior to Apollo’s acquisition in 2022, claiming less than $100,000 of the $3.6 million was made under the current ownership.
Brower also mentioned that the current management is committed to complying with state and federal regulations, including anti-money laundering laws. He previously held a senior compliance position at Wynn Resorts, which faced its own legal troubles in connection with unlicensed foreign betting.
When queried about Sands’ actions, Brower and Venetian CEO Patrick Nichols cited the former management's ineffective AML strategies. Nichols emphasized that the current strategy refuses to accept players if there are doubts about the origins of their funds.
Commission Chair Mike Dreitzer expressed the board's position that the fine accurately reflected the severity of the situation relative to other similar cases involving Bowyer. Commissioner Brian Krolicki voiced his frustration with recurring AML issues and indicated a desire for accountability from Sands. He believes the frequency of fines should serve as a wake-up call to the industry.
Krolicki noted that the current fine process is insufficient in addressing the problems and hinted that previous management might warrant a more direct inquiry. Chair Togliatti acknowledged the complexity and time required for the Venetian investigation, which took over a year to complete, with additional negotiations lasting six months.
In total, the four cases related to Bowyer have received a near-unanimous approval, with the sole dissenting vote cast against the Caesars penalty by former commissioner Rosa Solis-Rainey, who expressed doubts about the effectiveness of the fines in preventing future violations.
Jess Marquez has reported on the global gaming industry since 2022 and hails from Reno, Nevada.
