Mathew Bowyer, a convicted illegal bookmaker, continues to have an impact on the Las Vegas Strip despite his ban from state casinos. The Venetian has agreed to pay a $7.2 million fine due to violations related to anti-money laundering practices connected to Bowyer's activities.
The Nevada Gaming Control Board filed a stipulated settlement agreement along with a four-count complaint on June 25. The Nevada Independent was the first to report on the fine.
This investigation into Bowyer’s anti-money laundering practices mirrors previous cases involving Resorts World Las Vegas, MGM Resorts, and Caesars Entertainment from last year. Similar to the other three casinos, the Venetian failed to adequately verify Bowyer's source of funds, and they did not ban him despite either harboring suspicions or having direct evidence of his illegal bookmaking.
Bowyer pleaded guilty to money laundering and filing false tax returns in August 2024 and was released from federal prison thereafter. In April, he was added to Nevada's "black book," effectively barring him from entering casinos in the state for life.
The complaint indicates that Bowyer gambled at the Venetian from 1999 to 2024, though the focus of the investigation was primarily on the years 2019 to 2024. This period covers both the time under the casino's previous owner, Las Vegas Sands, and its current owner, Apollo Global Management, which purchased the Venetian for $2.25 billion, closing the transaction in early 2022.
Officials from the Venetian and the Nevada Gaming Control Board stated they would refrain from commenting until the Nevada Gaming Commission reviews the matter on August 20. Las Vegas Sands declined to provide a comment.
In the stipulated settlement, the Venetian has accepted several terms, including the $7.2 million fine and seven additional conditions aimed at improving their AML practices. These stipulations require enhanced employee training, regular reviews of AML protocols, and ongoing collaboration with the gaming board. The settlement specifies that the casino’s AML policy will be revised to comply with relevant laws and regulations.
The fine amount appears to be significant, potentially reflecting the casino's profits from Bowyer's gambling activities. From 2019 to 2021, Bowyer reportedly made approximately 30 trips to the Venetian, depositing $22.3 million and losing $3.6 million. The penalty roughly doubles the amount of profit made from his gambling, which the Nevada Gaming Board cited as a rationale for the financial repercussions.
In a similar case, Caesars was fined $7.8 million last year, which represented three times its $2.6 million profits associated with Bowyer, ensuring that casinos do not profit more than their penalties for wrongdoing.
Notably, the Venetian has acknowledged every allegation made in the complaint, a stance shared by MGM and Caesars in their respective violations, while Resorts World did not admit any wrongdoing.
The complaint outlines four specific failings by the Venetian related to Bowyer: lack of verification of his source of funds, failure to prevent his return to the property, an alleged failure of his casino host to report him to management, and a lack of investigation into his activities.
In response to the settlement, Bowyer posted a video on his Facebook account saying, “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 accepted, the total fines across the four casinos involved in Bowyer-related issues would amount to $34 million.
Throughout his nearly two-decade history with the Venetian from 1999 to 2016, Bowyer allegedly provided several misleading accounts of his financial sources, claiming connections to various business ventures. Investigators noted that when Bowyer returned to the Venetian in April 2019, concerns about his financial activities arose, with one host alerting management to potential issues regarding his source of funds.
An internal assessment conducted in May 2019 cleared Bowyer of these suspicions, stating there was no reason to sever ties with him, which regulators later criticized as a critical lapse in the Venetian's controls concerning suspicious activities. Bowyer’s host reportedly had knowledge of his illegal bookmaking activities, as he had sought referrals for his illegal operations and assured the host reciprocal benefits.
Despite Bowyer's extensive use of the venue, the Venetian reportedly faced multiple challenges with verifying the employment information he provided over the years. A third-party due diligence report commissioned in 2021 flagged numerous concerns about Bowyer's background.
It was not until October 2023 that the Venetian learned Bowyer was implicated in the Resorts World investigation, prompting the casino to cease his betting activities. He was formally banned from the casino in March 2024, months before he entered his guilty plea in federal court.
