Mathew Bowyer, a convicted illegal bookmaker, continues to impact the Las Vegas Strip even after being banned from state casinos. The Venetian has accepted a fine of $7.2 million for anti-money laundering breaches linked to Bowyer's activities.
On June 25, the Nevada Gaming Control Board (NGCB) announced a stipulated settlement agreement, accompanied by a four-count complaint. This fine was reported by the Nevada Independent.
The Venetian’s recent scrutiny mirrors similar investigations last year involving Resorts World Las Vegas, MGM Resorts, and Caesars Entertainment. All four casinos failed to adequately verify Bowyer's funding sources and did not prohibit him from entering their venues despite harboring suspicions about his illegal betting operations.
In August 2024, Bowyer pled guilty to money laundering and filing false tax returns, resulting in a release from federal prison. He was added to the state’s “black book”—a list of banned patrons—in April, which prevents him from entering any statewide casino potentially for life.
The investigation determined that Bowyer gambled at the Venetian from 1999 through 2024, focusing on the 2019-2024 period. This timeframe includes ownership changes from Las Vegas Sands to Apollo Global Management, which purchased the Venetian for $2.25 billion in 2021, concluding in early 2022.
Both representatives from the Venetian and the NGCB expressed they would not comment further until the Nevada Gaming Commission hearing scheduled for August 20. Las Vegas Sands also declined to provide comments.
As part of the stipulated settlement agreement, the Venetian will implement seven anti-money laundering-related conditions, including enhancing employee training, regular reviews of its AML protocols, and ongoing collaboration with regulatory authorities. The settlement stipulates that the Venetian's AML policy will be updated as necessary to comply with laws and regulations.
The rationale behind the $7.2 million penalty appears to take into account the casino's earnings from Bowyer. Between 2019 and 2021, he frequented the Venetian approximately 30 times, depositing $22.3 million and incurring losses of $3.6 million during that period. The $7.2 million figure doubles Bowyer's losses to reflect the fines.
In a prior case last year, Caesars faced a fine of $7.8 million, which reflected three times its $2.6 million profits from Bowyer, set to discourage companies from profiting from illegal activities.
Notably, the Venetian has acknowledged all allegations in the complaint, whereas MGM and Caesars also admitted wrongdoing in their respective cases while Resorts World did not.
Bowyer's case details include four counts against the Venetian:
1. Failure to verify Bowyer's funding sources.
2. Not banning Bowyer from the property.
3. Bowyer's host failing to report concerns to management.
4. Not conducting an adequate investigation.
In a video shared on Facebook, Bowyer responded to the settlement, stating, "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."
If the Nevada Gaming Commission accepts the settlement, these four casinos will collectively pay $34 million in fines over Bowyer’s illegal activities.
Research indicated that despite Bowyer’s long history with the Venetian since 1999, issues escalated after he returned to the casino in April 2019. By this time, he was a notorious illegal bookmaker known throughout Las Vegas. His casino host reportedly raised concerns to management about Bowyer’s funding sources.
However, an internal review conducted in May 2019 found no impediments to continuing their business relationship with Bowyer, leading to subsequent failures in compliance regarding his suspicious betting activity.
According to regulators, Bowyer’s host had “actual knowledge” of his illegal activities. Reports indicate that in 2019 and 2020, Bowyer solicited his host for referrals to his betting operation, promising to reward the host in return.
Throughout his visits to the Venetian, Bowyer presented various dubious claims about the sources of his funding, connecting them to operations in synthetic turf, medical fields, and real estate. The complaint states that from 2019 to 2024, the Venetian frequently struggled to confirm Bowyer's employment information.
In 2021, the casino ordered a thorough due diligence report from a third party, which identified numerous issues, including Bowyer's prior bankruptcy and other legal judgments against him. The report concluded that Bowyer's financial history raised significant concerns about the legitimacy of his income.
Ultimately, it was not until October 2023, when the Venetian learned he was under investigation by Resorts World, that the casino ceased accepting his wagers. He was subsequently banned in March 2024, just months ahead of his guilty plea.
