The Venetian has agreed to a $7.2 million penalty for anti-money laundering failures linked to convicted bookmaker Mathew Bowyer. The Nevada Gaming Control Board filed the settlement and a four-count complaint on 25 June, with the Nevada Independent first reporting the penalty.
Regulatory Review and Compliance Gaps
The investigation focused on casino activity between 2019 and 2024, a period that spans the ownership transition from Las Vegas Sands to Apollo Global Management, which completed the $2.25 billion acquisition in early 2022. Regulators determined that the venue did not properly verify Bowyer’s source of funds and continued to accept his play despite awareness of his unauthorized wagering operations. The casino acknowledged every allegation outlined in the complaint.Settlement Terms and Financial Basis
Under the stipulated agreement, the property will implement seven license conditions, including updated anti-money laundering protocols, staff training programs, and regular compliance reviews. The $7.2 million penalty aligns with the venue’s earnings from Bowyer, who deposited $22.3 million and lost $3.6 million during thirty visits between 2019 and 2021. Regulators structured the amount to ensure the penalty exceeds the casino’s net gains from the bookmaker’s activity.Bowyer pleaded guilty to money laundering and false tax return charges in August 2024 and has since completed his federal sentence. He was placed on Nevada’s banned patrons list in April, a designation that may restrict his casino access indefinitely. The Nevada Gaming Commission will review the matter on 20 August, after which the Venetian and the Gaming Control Board will provide formal statements.