TLDR
- Nevada Gaming Commission approved a $7.2 million anti-money laundering fine against The Venetian Resort Las Vegas
- The penalty is the fourth tied to illegal bookmaker Mathew Bowyer since early 2025, bringing total fines to $34 million
- Two commissioners recused themselves from the vote due to past connections to the case
- Current owner Apollo Global Management says most of the misconduct happened while Las Vegas Sands owned the property
- Commissioner Brian Krolicki said he wished former Sands management had been present to answer questions
The Nevada Gaming Commission approved a $7.2 million fine against The Venetian Resort Las Vegas on Thursday. The penalty addresses anti-money laundering failures connected to illegal bookmaker Mathew Bowyer.
This marks the fourth AML fine tied to Bowyer since the start of 2025. Resorts World, MGM Resorts, and Caesars Entertainment have all faced similar penalties.
Together, the four cases add up to $34 million in fines. Regulators say each casino failed to properly check Bowyer’s source of funds or ban him from their properties.
The Venetian was sold to Apollo Global Management in 2022. Before that, Las Vegas Sands owned the property during most of the period when the violations occurred.
Commissioners Step Aside From The Case
Two of the five commissioners recused themselves from the vote. George Markantonis served as president of The Venetian during the time of the investigation.
Richard Schonfeld, a defense attorney, said he represented someone connected to a related case. He did not name the person during the meeting.
The three remaining commissioners criticized the casino’s compliance failures. Still, they approved the settlement without objection.
A senior deputy from the attorney general’s office told commissioners the board found no proof that senior executives knew about Bowyer’s activity. He said the case did not involve a broader pattern of ignoring bookmakers at the property.
Apollo Points To Sands For Past Failures
Attorneys for The Venetian said most of Bowyer’s activity happened before Apollo took over in 2022. They said less than $100,000 of Bowyer’s winnings came after the ownership change.
Greg Brower, an attorney representing the casino, said current management has worked to meet its legal obligations under federal banking law. Brower previously served as chief compliance officer at Wynn Resorts.
Patrick Nichols, current CEO of The Venetian, told commissioners that management now cuts ties with players when there are doubts about where their money comes from. He said this marks a shift from past practices.
Records show Bowyer visited The Venetian dozens of times between 2019 and 2024. He won a total of $3.6 million at the casino during that period.
The $7.2 million fine equals about double that amount. Caesars faced a larger multiple, with its $7.8 million fine representing about three times its Bowyer-related profit.
Commissioner Brian Krolicki spoke at length during the meeting. He said he wished former Sands executives had been present to answer questions directly.
“I suspect the folks I really want to have in front of me are not in front of me today,” Krolicki said.
Commission Chair Jennifer Togliatti said she was careful not to interfere with the negotiated settlement. She noted her background in litigation shaped that approach.
Board Chair Mike Dreitzer said the investigation took about a year, with negotiations adding another six months. The fine amount was based on comparisons with the three earlier Bowyer-related cases.
All four AML cases tied to Bowyer have now been approved by a combined vote of 15 to 1. The only dissenting vote came from a former commissioner during the Caesars case, who has since left the commission.
