Wynn Las Vegas to Forfeit $130 Million Over Illegal Money Transfers

Wynn Resorts Ltd. will pay US$130 million (₱7.35 billion) to avoid prosecution and settle allegations of conspiring with unlicensed money transmitting businesses.

According to the statement released by the U.S. Department of Justice (DOJ), this is the “largest forfeiture by a casino based on admissions of criminal wrongdoing.”

The settlement, revealed by federal authorities on September 6, 2024, addresses the company’s involvement in allowing illegal international money transfers to reach gamblers at Wynn Las Vegas. The casino admitted to using unregistered money transmitting businesses to bypass financial regulations and facilitate transactions for foreign patrons.

Wynn Las Vegas engaged in complex financial schemes involving unlicensed agents worldwide. These agents used various methods to funnel money into the casino. One such method, called “Flying Money,” involved transferring cash from foreign bank accounts to the casino, while the patron electronically transferred equivalent foreign currency back to the money processor.

Another scheme, known as “Human Head” gambling, involved individuals who placed bets at Wynn Las Vegas on behalf of others, circumventing anti-money laundering laws. The casino allowed these practices without proper scrutiny or reporting of suspicious activity.

The U.S. Attorney’s Office reported that one independent agent managed over 200 transactions worth nearly $18 million for more than 50 foreign patrons. Wynn Las Vegas also facilitated transactions involving millions of dollars from individuals with known criminal backgrounds or connections.

Wynn Resorts has severed ties with all individuals and entities involved in these activities and has expressed a commitment to complying with all financial regulations moving forward. “Several former employees facilitated the use of unlicensed money transmitting businesses, which both violated our internal policies and the law, and for which we take responsibility,” the company said in a statement sent to The Associated Press.

The settlement marks the conclusion of a six-year investigation and is intended to address past issues while allowing Wynn Resorts to focus on its future operations. Federal officials emphasized that the settlement underscores the need for casinos to adhere to legal standards and prevent the use of illicit funds.

“Casinos, like all businesses, will be held to account when they allow customers to evade U.S. laws for the sake of profit,” said U.S. Attorney Tara McGrath in the DOJ statement. “Federal oversight seeks to prevent illegal funds from tainting legitimate businesses, ensuring that casinos offer a clean, thriving, and safe entertainment option.”

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