Vegas Casino Titan, Resorts World Las Vegas: From $10.5M Fine to Compliance Renaissance
Historical Scuffles with the Gaming Commission
Financial Executive at Resorts World Las Vegas Reports: Business "recovering"
The famous Vegas strip's latest jewel, Resorts World Las Vegas (RWLV), has had a rough start. The gambling giant was hit with a whopping $10.5 million fine by Nevada's Gaming Commission - the second largest in state history - due to allegations of letting bookies tied to illegal gambling on the Strip property[1][2].
Compliance's Moment of Reflection
Amidst the storm, Carlos Castro, COO and CFO of RWLV, vows that compliance is their top priority. He emphasized on fostering a culture of compliance across the entire campus, strengthening trading programs, and implementing a hotline for anonymous reports[1].
A Fresh Slate: The Recovery Plan
Castro implied that RWLV has taken a beating in the last three quarters, focusing primarily on salvaging their slot business, which has seen a dramatic drop[1]. To bolster this, a new Senior Vice President of Slot Operations begins in June[1].
Castro predicts a recovery in the next 12-18 months as the business ramps up and marketing efforts intensify. He remains optimistic that business will rebound[1].
Non-Gaming: A Shining Light
Despite stumbles in the casino business, hotel occupancy, average daily rate, and convention business are doing exceptionally well at RWLV[1]. Food and beverage, while doing well, offers opportunities for growth[1].
Retail, Cost Efficiency, and the Road Ahead
According to Castro, RWLV will undergo a complete overhaul of retail operations, bringing new executives to revitalize leases and their own retail outlets[1]. The team is also chasing cost inefficiencies[1].
Reinvesting in Safety and the Workforce
RWLV has increased security staff wages to match industry standards, aiming to enhance both employee retention and customer safety[1]. The goal is to bring back positions that were let go, focusing on revenue generation[1].
Welcome Change: A Fresh Leadership Team
Board Chair Kirk Hendrick welcomed the focus on compliance, voicing support for bringing employees back[1]. The reshuffled leadership team, including Jennifer Roberts as Head of Compliance and new SVPs in food & beverage and slot operations, is seen as a step in the right direction[1].
Looking Ahead: Industry's Call to Action
The recent fine serves as a reminder for the entire industry. As stated by board member George Assad, the key is to "assemble a really good team" and navigate the path to recovery[1]. The future involves sustained efforts in proactive compliance measures, improved reporting protocols, and closer collaboration with regulatory bodies to ensure a secure gaming environment[1][3][4][5].
[1]: Buck Wargo, our website[2]: Nevada Gaming Control Board[3]: Nevada Gaming Commission[4]: MGM Resorts International[5]: Genting Berhad
- Carlos Castro, CFO and COO of Resorts World Las Vegas (RWLV), added that a strategic focus on compliance is the top priority for the casino, aiming to strengthen trading programs, implement a hotline for anonymous reports, and cultivate a culture of compliance across the entire campus.
- In a bid to bolster the slot business, which has seen a dramatic drop, Resorts World Las Vegas (RWLV) appointed a new Senior Vice President of Slot Operations, commencing in June.
- Apart from the casino business, hotel occupancy, average daily rate, and convention business are performing exceptionally well at Resorts World Las Vegas, offering growth opportunities in food and beverage.
- Resorts World Las Vegas (RWLV) announced a complete overhaul of its retail operations, bringing new executives on board to renew leases and enhance their own retail outlets, while also striving for cost efficiency and improving employee retention and customer safety.
