Mathew Bowyer, a convicted illegal bookmaker, continues to affect the Las Vegas Strip even after being banned from state casinos. The Venetian has agreed to a significant $7.2 million fine linked to violations of anti-money laundering (AML) regulations associated with Bowyer.
On June 25, the Nevada Gaming Control Board (NGCB) filed a stipulated settlement agreement along with a detailed four-count complaint. Reports of this fine were first available through the Nevada Independent.
The current investigation regarding Bowyer mirrors previous cases from last year involving Resorts World Las Vegas, MGM Resorts, and Caesars Entertainment. Like these casinos, the Venetian failed to properly verify Bowyer's source of funds and did not bar him from its premises despite having suspicions of his illegal activities.
Bowyer pleaded guilty in August 2024 to charges of money laundering and falsifying tax returns, after which he was released from federal prison. He was placed on Nevada's "black book," which bans individuals from entering casinos in the state indefinitely, in April this year.
According to the complaint, Bowyer engaged in gambling activities at the Venetian from 1999 until 2024, with the investigation primarily focused on the period from 2019 to 2024. This timeframe includes both the casino's current ownership under Apollo Global Management and its prior ownership by Las Vegas Sands. Apollo acquired the Venetian's operations for $2.25 billion in 2021, finalizing the deal in early 2022.
Representatives from both the Venetian and NGCB have stated they will withhold comments on the matter until it is reviewed by the Nevada Gaming Commission on August 20. Las Vegas Sands has also opted not to comment.
The settlement agreement outlines the $7.2 million fine along with seven AML-related license conditions that the Venetian has agreed to fulfill. These conditions include enhanced training for employees, regular audits of AML policies, and ongoing cooperation with the NVGB. The casino's approach to AML policy will be upgraded and maintained in accordance with relevant laws and regulations.
The fine's amount seems to be reflective of the casino's financial gain from Bowyer. Between 2019 and 2021, Bowyer made around 30 visits to the Venetian, during which he deposited $22.3 million and lost $3.6 million. The stipulated amount of $7.2 million effectively doubles the casino's profits from Bowyer.
Previously, Caesars was fined $7.8 million, which was based on tripling its reported $2.6 million profits from Bowyer, a decision made to ensure penalties adequately reflect gains from illicit activities.
In an acknowledgment of the allegations, the Venetian accepted every claim mentioned in the complaint. MGM and Caesars admitted to lapses in their cases involving Bowyer, while Resorts World did not accept the same.
The four allegations against the Venetian included:
– Failing to determine Bowyer's source of funds
– Not barring him from the property
– The casino host's failure to alert management about Bowyer
– Not conducting a proper investigation
In a response to the allegations, Bowyer shared a video on his Facebook account.
“I accepted responsibility. I stood before a federal judge and served my time. I don’t make excuses or blame others for my decisions,” he stated.
If the settlement is ratified, the four casinos involved will collectively contribute $34 million in fines to the state of Nevada.
Concerns about Bowyer's source of funds heated up after he returned to the Venetian in April 2019, having been recognized as a leading illegal bookmaker and high-roller in Las Vegas. His casino host reportedly expressed worries about Bowyer's financial background at that time.
Despite these concerns, an internal review conducted in May concluded erroneously that the casino could continue doing business with Bowyer, marking the first among several failures of oversight where illicit activities linked to Bowyer were overlooked.
The complaint also indicates that Bowyer's host was aware of his illegal bookmaking business, as Bowyer had casually solicited referrals for his operation and assured the host of financial rewards in return.
Throughout his time playing at the Venetian, Bowyer presented numerous fake accounts regarding his funding sources, claiming connections to various companies that investigators later determined to be fabricated.
Between 2019 and 2024, the Venetian's investigations into the information provided by Bowyer often yielded inconsistencies and inaccuracies.
In 2021, a third-party audit commissioned by the casino raised several alarms regarding Bowyer’s financial history, associating him with past bankruptcy and outstanding monetary judgments. The report voiced serious concerns about Bowyer’s source of wealth, highlighting a lack of credible financial background information.
Ultimately, it wasn’t until October 2023, identified as a person of interest in the Resorts World investigation, that the Venetian ceased accepting wagers from Bowyer, formally banning him in March 2024, prior to his plea in federal court.
