The Nevada Gaming Commission has imposed a $7.2 million fine against the Venetian Resort Las Vegas for breaches of anti-money laundering regulations, marking the fourth such penalty against a Las Vegas Strip property related to the illegal activities of gambler Mathew Bowyer since early 2025.
This ruling echoes previous investigations into Resorts World, MGM Resorts, and Caesars Entertainment, all of which failed to adequately verify the sources of Bowyer's funds. The compliance departments for these establishments also neglected to prohibit Bowyer, a convicted bookmaker, from entering their venues. Collectively, these cases have resulted in penalties totaling $34 million.
The situation surrounding the Venetian shares similarities with the earlier cases in terms of changes in ownership and regulatory conflicts of interest. Commissioners George Markantonis and Richard Schonfeld recused themselves from the Venetian fine process. Apollo Global Management, the current owner, accepted the fine, although the state attributed most of the misconduct to the period between 2019 and 2021, when Las Vegas Sands owned the resort.
Markantonis was president of the Venetian during the timeframe relevant to the investigation, and Schonfeld has connections to an individual involved in a related investigation. The other three commissioners expressed standard critiques of the violations but unanimously approved the settlement.
According to Mike Somps, a senior deputy from the attorney general's office, the Nevada Gaming Control Board found that the Venetian's conduct was “not as egregious” as that of the other offenders. He highlighted several reasons for this determination:
– No evidence of a “culture of non-compliance” or indications of ignoring illegal bookmakers.
– The Venetian was not subjected to a federal probe for its violations.
– The issues identified were contained to Bowyer, with no evidence of other illegal bookmakers.
– The compliance department lacked knowledge regarding Bowyer's illegal operations.
– No senior executives appeared aware of Bowyer's activities.
The last point could imply that Markantonis was not aware, given his role as president during that time. A spokesperson for the commission refrained from commenting on Markantonis’s involvement.
Las Vegas Sands did not respond to inquiries concerning the investigation. Schonfeld did not specify the individual related to his recusal but has represented clients accused of gaming crimes, including those with ties to underground sports betting, similar to Bowyer.
Between 2019 and 2024, Bowyer frequented the Venetian and lost a total of $3.6 million there. The $7.2 million fine is approximately double this amount, and is less severe compared to the fines imposed on others; Caesars faced a $7.8 million fine, which was triple its $2.6 million profit related to Bowyer.
Representatives from the Venetian expressed regret during the commission meeting but distanced themselves from Sands’ previous violations. Attorney Greg Brower stated that the bulk of Bowyer’s activity occurred prior to Apollo’s 2022 acquisition of the property, with under $100,000 of the $3.6 million profits occurring under current ownership.
Brower emphasized that the new management has strived to comply with all legal and regulatory requirements. When pressed by commissioners regarding Sands’ failings, Brower mentioned that Sands had centralized its AML compliance, a strategy that Apollo deemed ineffective. Current CEO Patrick Nichols noted that the new management refuses players if there's uncertainty regarding the origins of their funds.
Commission Chair Mike Dreitzer stated the fine reflects its severity in comparison to similar cases. Commissioner Brian Krolicki expressed frustration over recurring AML issues and hopes these fines will prompt improved compliance on the Strip. He noted, “I suspect the folks I really want to have in front of me are not in front of me today,” implying that Sands should be held accountable.
Commission Chair Jennifer Togliatti highlighted the careful balancing act of not interfering with deals during litigation, as Nevada’s regulatory framework allows for nuanced oversight. The Board’s investigation lasted a year, with more time spent on negotiations, as noted by Dreitzer. To date, the four Bowyer-related cases have been approved with a vote of 15-1, the sole dissenting vote coming from former commissioner Rosa Solis-Rainey on the Caesars case. She has since been replaced by Schonfeld.
