Venetian Hit With $7.2M Fine Over Illegal Bookmaker Ties
Nevada regulators approved a settlement requiring The Venetian to pay $7.2 million and overhaul its anti-money-laundering program after a casino host knowingly served convicted bookmaker Mathew Bowyer. The fine brings total Las Vegas casino penalties connected to Bowyer to $34 million.
A Host Who Knew, and Said Nothing
The Nevada Gaming Commission approved a $7.2 million settlement against the current owners of The Venetian on Thursday, capping a years-long regulatory saga tied to convicted illegal bookmaker Mathew Bowyer. The 3-0 vote, with two commissioners recusing themselves over conflicts of interest, brings the total fines connected to Bowyer’s activities across Las Vegas casinos to a staggering $34 million, according to CDC Gaming.
The core of the case is uncomfortable in its simplicity. According to senior deputy attorney general Michael Somps, a casino host at The Venetian was aware that Bowyer ran an illegal bookmaking operation. He knew because, as Somps told the Commission, Bowyer “told him.” The host never reported that information, despite being required to do so under the property’s own anti-money-laundering program. Between 2019 and 2021, Bowyer deposited more than $22.3 million at the resort and lost at least $3.6 million there, as reported by CDC Gaming.
Bowyer had actually been a Venetian patron dating back to 1999, and the resort reportedly had concerns about the source of his funds at least as early as 2019. The four-count complaint was released by the Nevada Gaming Control Board.
The Math Behind the Fine
The $7.2 million figure was not arbitrary. Somps and NGCB Chair Mike Dreitzer confirmed the amount equals two times Bowyer’s losses at the property. That multiplier has become something of a regulatory benchmark in Nevada as the state works through Bowyer-related cases.
Commissioner Brian Krolicki made little effort to mask his frustration during the proceedings. “This just infuriates me. This embarrasses me. It’s bad for Nevada. It’s certainly not good for our gaming industry,” Krolicki said, according to CDC Gaming. “But we try to make something good out of what we know is extremely bad.”
Two commissioners, Richard Schonfeld and George Markantonis, recused themselves to avoid conflicts of interest. Markantonis had served as general manager and COO of The Venetian starting in 2015 and was in that role through the Apollo Global Management acquisition in 2022 before joining the Commission.
What The Venetian Must Do Now
The settlement comes with a tight compliance calendar. Within 60 days of Thursday’s approval, The Venetian must complete comprehensive in-person AML training for all independent agents, casino hosts, player support staff, marketing executives, and anyone with credit authority of $50,000 or more. Within that same window, the property must designate a person with primary responsibility for the AML program.
Within 30 days, the casino must file a license for suitability or licensure with the Control Board. For at least two years, The Venetian must maintain or increase its current AML compliance staffing levels and conduct annual reviews of its AML policies.
The property must also participate in the U.S. Department of Treasury’s Financial Crimes Enforcement Network Section 314(b) information-sharing program, which allows financial institutions to voluntarily share information about suspected money laundering under a legal safe harbor provided by the USA PATRIOT Act. NGCB Chair Dreitzer indicated he expects to issue proposed regulations by the end of the year that would make Section 314(b) participation mandatory for all Nevada gaming licensees, not just those caught in enforcement actions.
A Recurring Name in Nevada Enforcement
The Venetian settlement is the fourth casino fine in Nevada directly linked to Bowyer’s activities. The prior three produced $10.5 million against Resorts World Las Vegas, $8.5 million against MGM Resorts International, and $7.8 million against Caesars Entertainment, as reported by CDC Gaming.
“The Commission has approved three fines that involve Mr. Bowyer and his activities,” Somps told commissioners before the vote. The cumulative $34 million total underscores how broadly Bowyer moved through the Las Vegas casino market and how consistently properties failed to act on red flags that, in at least one documented case, were communicated directly and in plain terms.
Why was The Venetian fined $7.2 million by Nevada regulators?
The Nevada Gaming Commission approved a $7.2 million settlement against The Venetian after finding that a casino host knowingly failed to report that patron Mathew Bowyer was an illegal bookmaker, violating the casino's anti-money-laundering program. The violations largely occurred between 2019 and 2021.
How was the $7.2 million fine calculated?
According to senior deputy attorney general Michael Somps and Nevada Gaming Control Board Chair Mike Dreitzer, the $7.2 million figure represents two times Bowyer's total losses at The Venetian, which amounted to at least $3.6 million.
What AML compliance changes must The Venetian now make?
Under the settlement, The Venetian must conduct comprehensive in-person AML training for hosts, agents, and marketing staff within 60 days, designate a primary AML compliance officer within 60 days, maintain or increase its AML staffing for at least two years, and participate in the FinCEN Section 314(b) voluntary information-sharing program.
How much have Las Vegas casinos collectively been fined over Mathew Bowyer's activities?
With The Venetian settlement approved, Bowyer's activities have now cost Las Vegas casinos a combined $34 million in regulatory fines, including $10.5 million against Resorts World Las Vegas, $8.5 million against MGM Resorts International, and $7.8 million against Caesars Entertainment.