Wynn Resorts settles DOJ probe with $130M forfeiture

Wynn Resorts has agreed to forfeit over $130 million to resolve a Department of Justice investigation into unlicensed foreign betting activities linked to its flagship property, Wynn Las Vegas. The investigation, which began around 2014, revealed that the casino conspired with unlicensed money transmitting businesses to facilitate financial transactions for foreign patrons. The DOJ outlined various methods used for these transactions, including the use of unlicensed agents and complex money transfer schemes. The settlement, described as a non-prosecution agreement, does not constitute a fine, and the findings from the investigation do not indicate money laundering. Wynn Resorts has stated that this forfeiture represents funds involved in the transactions under scrutiny. The company emphasized that it has severed ties with all individuals and businesses implicated in these activities, aiming to move forward and address legacy issues. As part of the broader investigation, 15 individuals have previously admitted to crimes related to money laundering and unlicensed money transmission, resulting in over $7.5 million in criminal penalties. The resolution of this case marks a significant step for Wynn Resorts as it seeks to focus on its future operations without the burden of past legal challenges. The investigation has also been intertwined with the company's legal troubles following the departure of former CEO Steve Wynn amid sexual misconduct allegations. Although the DOJ's findings did not directly involve him, the company has faced ongoing scrutiny since his exit in 2018.