The renowned Wynn Las Vegas casino, a subsidiary of Wynn Resorts Limited, has consented to forfeit a staggering $130,131,645 to settle criminal charges related to its financial activities. The U.S. Attorney’s Office, Southern District of California, announced this historic settlement on Friday, Sept 6, 2024, marking it as the largest forfeiture by a casino based on admissions of criminal misconduct.
The allegations revolve around Wynn Las Vegas collaborating with unlicensed money transmitting businesses worldwide to enable fund transfers for the financial gain of the casino. These operations involved intricate transactions that allowed foreign gamblers to evade foreign and U.S. monetary laws.
U.S. Attorney Tara McGrath emphasized the importance of holding accountable businesses that allow customers to circumvent U.S. laws for profit. She stated, “Federal oversight seeks to prevent illegal funds from tainting legitimate businesses, ensuring that casinos provide a clean, thriving, and safe entertainment option.”
Under the Non-Prosecution Agreement, Wynn Las Vegas admitted to utilizing these unregistered businesses to bypass the traditional financial system, using methods like “Human Head” gambling and “Flying Money” transfers to obscure the origins and movements of money.
Responding to the settlement, Christopher Davis, acting special agent in charge for HSI San Diego in the DOJ’s official press release, stated, “This case exemplifies the complex nature of financial crimes and underscores our commitment to bringing justice to those who seek to undermine U.S. financial laws.” Carissa Messick of IRS-Criminal Investigation added, “Deliberately avoiding Bank Secrecy Act requirements is a form of money laundering. We are committed to enforcing these laws, wherever it leads.”
Wynn Resorts confirmed that the $130 million payment is connected to the funds involved in the questioned transactions. The settlement includes an agreement to bolster the company’s compliance measures to prevent future legal issues. The company expressed relief at resolving this long-standing legal matter and highlighted its cooperation with the multiyear investigation that commenced in 2014.
In a separate legal matter, Wynn also reportedly settled a class action lawsuit concerning allegations against its former Chairman and CEO Steve Wynn related to sexual harassment claims. This settlement signifies the end of litigation linked to these allegations.
