Breaking: MGM Resorts Slapped with $8.5 Million Fine for Money Laundering Scandal
MGM Pays $8.5 Million Settlement in Connection with Sibella Money Laundering Scandal
In a stunning turn of events, MGM Resorts International is facing the heat, having agreed to pay a whopping $8.5 million fine to settle a money-laundering complaint. This is not simply a slap on the wrist, but a strong reminder of the importance of financial regulations in the casino industry.
The main players and the case:
The case revolves around two convicted illegal bookmakers, Wayne Nix and Mathew Bowyer, who carried out their activities at MGM Grand and the Cosmopolitan, two of MGM's Las Vegas Strip properties. The complaint, primarily, focuses on Nix's actions, with nine of the ten counts addressing his activities, and the tenth count relating to Bowyer.
The man at the helm:
Scott Sibella, the former President of MGM Grand, is at the center of the storm. He allegedly knew these bookmakers were using illicit funds yet allowed them to gamble and pay off debts in unreported cash, blatantly violating the Bank Secrecy Act.
The verdict for Sibella:
Sibella was dealt a harsh hand, receiving a year's probation, a $9,500 fine, and the stripping of his gaming license for five years. He was fired from Resorts World in September 2023 once the casino learned about the federal investigation into his ties to money laundering.
Moving forward:
The fine is part of a settlement agreement with the Nevada Gaming Control Board (NGCB), which also includes implementing remedial measures and enhancing MGM's anti-money laundering (AML) program. The settlement awaits final approval from the Nevada Gaming Commission, expected soon.
This case serves as a stark warning, emphasizing the need for stringent AML procedures to maintain compliance with financial regulations in the casino industry. Stay tuned for more updates as this story unfolds.
[1] Richard Janvrin, 2025. MGM Resorts to Pay $8.5M Fine to Settle Money Laundering Complaint. CasinoAppy.com
[2] Anonymous, 2025. MGM Resorts entrance according to Gaming Control Board records indicates company accepted illegal funds from two bookmaking operations. LegalNewsline.com
[3] Anonymous, 2025. Ex-MGM Grand President Scott Sibella Fired Amid U.S. Money Laundering Probe, Sources Say. CNBC.com
[4] Anonymous, 2025. MGM Resorts International to Pay $8.5 Million in Money Laundering Settlement. TheGuardian.com
- The stunning fine of $8.5 million imposed on MGM Resorts International in 2023 highlights the gravity of violating financial regulations, particularly in the casino industry.
- As the case unfolds, it has been revealed that two convicted illegal bookmakers, Wayne Nix and Mathew Bowyer, were operating at MGM's Las Vegas Strip properties, the MGM Grand and the Cosmopolitan.
- The former President of MGM Grand, Scott Sibella, has found himself at the center of a storm, accused of knowing about these bookmakers using illicit funds, yet allowing them to engage in sports betting, poker, and other casino games.
- The consequences for Sibella were severe, with a year's probation, a $9,500 fine, and the suspension of his gaming license for five years. He was dismissed from Resorts World in 2023 after the casino learned of the federal investigation into his links to money laundering.
- In an attempt to rectify the situation, MGM has agreed to pay the fine, implement remedial measures, and strengthen its anti-money laundering (AML) program, as part of a settlement agreement with the Nevada Gaming Control Board (NGCB).
- As the casino-and-gambling industry grapples with the implications of this case, online casinos and other casino games are under scrutiny, emphasizing the importance of upholding casino-culture norms and adhering to AML procedures.
