Burdensome costs and AML compliance come into conflict when troubled casinos attempt to construct remediation plans.
For months, a potential settlement between Nevada and Resorts World Las Vegas (RWLV) dominated the conversation among compliance officials at networking events on the conference circuit.
A litany of civil complaints against RWLV and several other Strip properties have given regulators agita, with one Nevada commissioner warning that the financial improprieties would serve as a wakeup call for the industry as a whole.
Given the severity of the allegations, one option for state regulators involved placing RWLV into conservatorship, a strict penalty that would have ranked among the harshest available. Alternatively, a $100 million fine ($£77 million/€89 million) in combination with a licence suspension could have been just as punitive, or even worse.
In the end, the Nevada Gaming Commission (NGC) approved a $10.5 million fine against RWLV. It is the second largest fine..