MGM Resorts International is taking its $8.5m fine on the chin, holding its hands up for accepting almost $5m in bets from illegal bookmakers without reporting them to the authorities. The Nevada Gaming Commission unanimously rubber-stamped the penalty on Thursday after the Nevada Gaming Control Board (NGCB) reached a settlement with the casino company last week.
Commissioners didn’t criticize MGM too harshly, referencing its historically strong record of compliance, and put the blame mainly at the feet of certain bad actors. Former MGM Grand President Scott Sibella and two casino hosts allegedly encouraged Wayne Nix to gamble at the property despite his illegal betting business.
the people who breached the rules lost their jobs
At the meeting, MGM Private Counsel Scott Scherer said that the company strives to be a leader in anti-money laundering (AML) compliance and that it relied too much on trusting workers to act in line with their training rather than “going rogue.” MGM Chief Compliance Officer Stephen Martino added that the people who breached the rules lost their jobs.
The company is improving its AML compliance and training, investing an additional $1m into this area and preparing to roll out a companywide awareness campaign.
