Mathew Bowyer, a convicted illegal bookmaker, continues to impact the Las Vegas Strip long after being barred from state casinos. The Venetian has agreed to pay a $7.2 million fine for violations of anti-money laundering regulations related to Bowyer's activities.
On June 25, the Nevada Gaming Control Board submitted a stipulated settlement agreement and a four-count complaint. The Nevada Independent was the first to report on the fine.
This investigation into the Venetian's anti-money laundering (AML) practices mirrors previous probes involving Resorts World Las Vegas, MGM Resorts, and Caesars Entertainment last year. Like these establishments, the Venetian failed to verify Bowyer's source of funds and did not ban him despite suspicions and knowledge of his illegal bookmaking operations.
Bowyer pleaded guilty in August 2024 to money laundering and filing false tax returns, after which he was released from federal prison. He was placed on Nevada's banned patrons list, commonly referred to as the "black book," in April, which could prevent him from entering casinos in the state for life.
The complaint outlines that Bowyer gambled at the Venetian between 1999 and 2024, primarily during the period from 2019 to 2024. This timeframe encompasses operations under both the current owner, Apollo Global Management, and the previous owner, Las Vegas Sands. Apollo acquired the Venetian from Sands for $2.25 billion, with the deal closing in early 2022.
Representatives from the Venetian and the Nevada Gaming Control Board indicated they would remain silent until the Nevada Gaming Commission hears the case on August 20, while Sands opted not to comment.
The settlement confirms the Venetian's acknowledgment of the violations leading to the $7.2 million fine, along with seven AML-related conditions. These conditions mandate enhanced employee training, regular reviews of AML protocols, and increased collaboration with the board. The casino's AML policy is required to be revised and comply with applicable laws and regulations.
The fine reflects the Venetian’s profits from Bowyer's patronage. From 2019 to 2021, Bowyer reportedly made 30 visits, depositing $22.3 million and losing $3.6 million. The $7.2 million fine effectively represents double the reported losses.
Last year, Caesars faced a $7.8 million fine, equating to three times the company’s profits of $2.6 million derived from Bowyer to ensure penalties reflect the extent of illicit earnings.
The Venetian has admitted to every allegation in the complaint, consistent with MGM and Caesars in their respective cases, while Resorts World did not acknowledge wrongdoing.
The charges brought against the Venetian regarding Bowyer outline failures in key areas:
1. Lack of verification of Bowyer's source of funds.
2. Failure to eject him from the property.
3. Bowyer's casino host’s failure to alert management.
4. Inadequate investigation measures.
In a response on his Facebook account, Bowyer stated, “First of all, let me say this, I accepted responsibility. I stood before a federal judge and paid my prison sentence. I don’t make any excuses, I don’t blame anyone else for my decisions.”
Should the settlement be accepted, the total penalties for the four casinos involved will reach $34 million. Bowyer remarked that the casinos' AML compliance teams recognized the red flags in his finances but permitted him to continue betting.
The situation escalated when Bowyer returned to the Venetian in April 2019, after frequenting it for nearly two decades. By that time, he had become a prominent illegal bookmaker and was widely recognized as a high-roller in Las Vegas. The casino host allegedly raised concerns about Bowyer's funding sources, but an internal review conducted in May 2019 dismissed these worries, asserting that there was no reason to discontinue their business relationship with him.
Investigators reported this as the beginning of multiple lapses in control regarding Bowyer’s suspicious activities. Furthermore, the complaint claims Bowyer's host was aware of his illegal bookmaking activities, recalling how Bowyer sought referrals for his operations while pledging rewards to the host.
Bowyer’s history at the Venetian includes providing multiple false accounts regarding his financial backing, linking himself to various fictitious businesses and ventures.
From 2019 through 2024, investigations revealed that the Venetian often failed to validate the employment information Bowyer presented, frequently citing inconsistencies. In 2021, the casino commissioned a due diligence report which highlighted several concerns, including Bowyer’s previous bankruptcy and lingering financial judgments against him. The report deemed his source of wealth a significant red flag.
Finally, in October 2023, the Venetian became aware of Bowyer’s involvement in the Resorts World investigation before ultimately discontinuing his betting activities. He was formally barred in March 2024, just months before his guilty plea in court.
