Mathew Bowyer, a convicted illegal bookmaker, continues to impact Las Vegas operations despite his exclusion from state casinos. The Venetian has agreed to pay a $7.2 million fine due to violations related to Bowyer and anti-money laundering practices. This settlement follows a four-count complaint filed by the Nevada Gaming Control Board on June 25. The Nevada Independent was the first to report the settlement details.
The investigation surrounding Bowyer at the Venetian mirrors similar inquiries into Resorts World Las Vegas, MGM Resorts, and Caesars Entertainment from the previous year. All four casinos are accused of failing to verify Bowyer's funding sources. Furthermore, despite being aware of his illegal bookmaking activities, they did not take action to ban him from their properties.
Bowyer pleaded guilty in August 2024 to charges of money laundering and filing false tax returns, subsequently serving time in federal prison. He was placed on Nevada’s “black book,” prohibiting him from entering any casino in the state for his lifetime, in April. According to the complaint against the Venetian, Bowyer engaged in gambling activities there from 1999 to 2024, with the investigation focusing on activities between 2019 and 2024. This timeframe includes both the Venetian’s current ownership under Apollo Global Management and the previous ownership by Las Vegas Sands. Apollo acquired the Venetian for $2.25 billion, completing the sale in early 2022.
Both the Venetian and the Nevada Gaming Control Board (NGCB) have refrained from commenting until the Nevada Gaming Commission hears the case on August 20, with Sands also choosing to remain silent.
As part of the stipulated settlement agreement, the Venetian recognizes the $7.2 million penalty and agrees to seven conditions related to Anti-Money Laundering (AML) compliance. These conditions include enhancing employee training, periodic reviews of AML protocols, and increased cooperation with the NGCB. The casino's AML policy will also be updated to align with applicable laws.
The rationale for the fine seems rooted in the profits the casino made from Bowyer. Between 2019 and 2021, he made approximately 30 visits to the Venetian, where he deposited $22.3 million and lost $3.6 million. The $7.2 million fine is double the amount he lost, reflecting previous regulatory actions when Caesars was fined $7.8 million, which was three times its $2.6 million profits from Bowyer.
The Venetian has accepted all allegations outlined in the complaint, following an acknowledgment of wrongdoing from MGM and Caesars in related cases, whereas Resorts World did not concur.
The four specific counts against the Venetian pertain to:
1. The failure to determine Bowyer's source of funds.
2. The failure to ban him from the premises.
3. A host's failure to report Bowyer to management.
4. The failure to conduct an appropriate investigation.
Bowyer publicly responded to the settlement in a Facebook video, asserting his acceptance of responsibility for his actions and claiming that his decision-making was solely his own.
If the resolution is accepted, combined fines among the four casinos will reach an aggregate of $34 million. Bowyer commented, "Their own anti-money-laundering compliance team reviewed my finances, found the red flags, and let me keep betting anyway."
The investigation notes that while Bowyer had been a frequent patron since 1999, concerns began to escalate when he returned to the Venetian in April 2019, by which time he had become a renowned illegal bookmaker. Reports indicated that Bowyer’s casino host raised concerns about his funding sources, yet an internal review concluded there was no reason to terminate their business relationship.
While Bowyer presented various false accounts of his financial backing, including connections to a synthetic turf company and other dubious ventures, the Venetian struggled to verify the information he provided. In 2021, the casino commissioned a due diligence report that flagged significant issues regarding Bowyer’s financial standing, including a bankruptcy and a monetary judgment against him.
Ultimately, it wasn't until October 2023, when Bowyer became a subject in an ongoing Resorts World investigation, that the Venetian ceased accepting his bets. He was formally banned in March 2024, just months before his guilty plea in federal court.
