Genting Berhad’s US flagship Resorts World Las Vegas has entered into an agreement with the Nevada Gaming Control Board (NGCB) by which it will pay the regulator US$10.5 million to settle a complaint related to its alleged failure to comply with state anti-money laundering laws.
The complaint, filed by the NGCB last August, specifically alleged that RWLV did not fulfill its responsibilities as a holder of a privileged Nevada gaming license by allowing individuals with suspected or proven ties to illegal activities to gamble on property.
A posting by the NGCB on Friday revealed that the two parties had on 20 March 2025 signed the Settlement Stipulation and Order, which is now subject to the approval of the Nevada Gaming Commission at a hearing scheduled for 27 March.
The order contains a raft of stipulations, including that RWLV does not admit nor deny the allegations laid out in the original complaint and will pay the US$10.5 million settlement within two days of receiving Nevada Gaming Commission approval.
It also requires RWLV maintain and uplift its AML Program, retain all future records from AML staff training and committee meetings for at least five years, assign all active independent agents an AML training module to ensure they understand their obligations, and after two years of the settlement conduct a full internal review of RWLV’s compliance with its AML Program.
The order notes that RWLV has “implemented wholesale changes to the leadership team” including the creation of a Board of Directors chaired by Jim Murren and the appointment of a new CEO in Alex Dixon and new COO and CFO in Carlos Castro.
In a filing with the Malaysia bourse, Genting Bhd said RWLV “has actively engaged with the NGCB for a resolution to the Complaint since it was filed in August 2024. RWLV also has implemented numerous remedial measures, enhancements to its Anti-Money Laundering Program, and wholesale leadership changes as detailed in the Settlement Stipulation and Order, in order to bolster the property’s governance structure as well as to address certain compliance risks, and to help drive go-forward business strategies.”
RWLV issued a statement of its own, reading, “Resorts World Las Vegas has reached a pending settlement with the Nevada Gaming Control Board (NGCB). We look forward to the Nevada Gaming Commission considering the settlement and ultimately resolving this matter.”
Nomura analysts described the order as positive for Genting by removing overhang on its stock price and providing a pathway for improved performance at the North Las Vegas Strip resort.
“While the company has to operate the gaming business with a high degree of scrutiny going forward, we think the resort revenue/EBITDA, which has declined substantially over the past few months due to recalibration of processes and risk appetite, should now start to recover,” wrote analysts Tushar Mohata and Alpa Aggarwal.
“However, we also think that the cost base for the resort will be higher, especially with a completely overhauled management team, and the improved processes might also slow the EBITDA recovery to the 2023 run rate.”
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