Mathew Bowyer, a convicted illegal bookmaker, continues to have a significant impact on the Las Vegas Strip even after his ban from state casinos. The Venetian has reached a stipulated settlement agreeing to a $7.2 million fine due to violations of anti-money laundering regulations connected to Bowyer.
On June 25, the Nevada Gaming Control Board (NGCB) submitted the settlement alongside a four-count complaint. The Nevada Independent was first to report on the fine.
This investigation into the Venetian's compliance issues related to Bowyer seems to mirror prior cases involving other major casinos, including Resorts World Las Vegas, MGM Resorts, and Caesars Entertainment, all of which failed to validate Bowyer's financial sources. Furthermore, these establishments neglected to bar him from their properties despite either suspicions or concrete knowledge of his illegal betting activities.
Bowyer, who pleaded guilty to money laundering and filing false tax returns in August 2024, was released from federal prison. He was added to Nevada's banned patrons list, known as the "black book," in April, potentially prohibiting him from entering casinos across the state for life.
According to the complaint, Bowyer frequented the Venetian from 1999 to 2024, with the main focus on the years 2019 to 2024. This timeframe covers the period under the casino's current owner, Apollo Global Management, which acquired the Venetian from Las Vegas Sands for $2.25 billion in a deal finalized in early 2022.
Both the Venetian and the NGCB have opted not to comment until the Nevada Gaming Commission hears the matter on August 20. Las Vegas Sands also declined to comment on this issue.
The settlement details not only the $7.2 million fine but also stipulates seven conditions related to anti-money laundering compliance that the Venetian must fulfill. These conditions involve enhanced training for employees, routine assessments of their AML practices, and ongoing collaboration with the NGCB. The settlement mandates that the Venetian must revise and improve its anti-money laundering policy to comply with relevant laws.
The amount of the fine is significant and appears tied to the casino's financial dealings with Bowyer. From 2019 to 2021, Bowyer made approximately 30 visits to the Venetian, depositing $22.3 million and losing approximately $3.6 million during that time. His gambling activities persisted, albeit at reduced levels after this period, leading to the decision to set the $7.2 million fine at double his losses.
When Caesars faced a $7.8 million fine last year, regulators increased it to three times the company's profit of $2.6 million derived from Bowyer's activities to eliminate any chances of the casino benefiting from those illegal gains.
The Venetian has admitted to all allegations noted in the complaint. Similarly, MGM and Caesars acknowledged their wrongdoings, while Resorts World did not.
The complaint outlines four counts against the Venetian regarding Bowyer. They include failing to verify his financial sources, allowing him to remain on the premises, failing to report his activities to management, and not conducting an internal investigation.
In a video posted on his Facebook account, Bowyer commented on the settlement, stating, "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 approved, the combined total fines for Bowyer-linked incidents across these four casinos would reach $34 million.
Investigators noted that concerns regarding Bowyer’s source of funds began seriously when he returned to the Venetian in April 2019. By then, he was well-established as a major illegal bookmaker in the United States and a high-profile gambler in Las Vegas. Allegedly, his casino host expressed some worries about Bowyer's financial background to management.
An internal review in May 2019 dismissed these concerns, suggesting no evidence forbidding further business with Bowyer. Regulators characterized this dismissal as part of a broader pattern of negligence at the Venetian regarding suspected misconduct involving Bowyer.
The complaint further claims Bowyer’s host had actual knowledge of his illegal bookmaking and that Bowyer had solicited referrals to his illegal operations, assuring the host that he would be compensated for such assistance.
Bowyer provided various false statements regarding his source of funds during his visits to the Venetian, claiming links to a synthetic turf company, a medical enterprise, and other fictitious businesses. Regulatory complaints reveal a pattern of inconsistently verified employment information throughout Bowyer’s tenure at the casino.
In 2021, the Venetian commissioned an independent due diligence review, which identified several issues, including Bowyer's bankruptcy in 2011, a monetary judgment in favor of a Las Vegas casino in 2012, and concerns about his overall financial standing and source of wealth. It wasn't until October 2023 that the Venetian ceased accepting bets from Bowyer after realizing he was being investigated in relation to the Resorts World case. He was then formally banned in March 2024, just months before his guilty plea.
