Genting says Nevada authorities have signed off settlement terms for Las Vegas complaint

• The settlement’s agreement, signed with the Nevada Gaming Control Board last week and includes a fine of US$10.5 million (RM46.41 million), was approved by the Nevada Gaming Commission at a hearing on Thursday, according to Genting in a bourse filing on Friday.

KUALA LUMPUR (March 28): Genting Bhd (KL:GENTING) said on Friday the Nevada Gaming Commission has accepted the terms of a settlement in relation to a complaint against its Las Vegas resort.

The settlement’s agreement, signed with the Nevada Gaming Control Board last week and includes a fine of US$10.5 million (RM46.41 million), was approved by the Nevada Gaming Commission at a hearing on Thursday, according to Genting in a bourse filing on Friday.

“The board of directors of Genting wishes to announce that the stipulation for settlement and order has been approved by the Nevada Gaming Commission at its hearing on March 27,” the filing read.

Reports out of the US place the settlement as the second largest fine imposed in Nevada’s gaming history.

Under the stipulation for settlement and order, Resort World Las Vegas will not admit or deny allegations in the complaint filed by the Nevada Gaming Control Board in August 2024.

Resort World Las Vegas will keep its gaming licence that now comes with conditions including having greater scrutiny on its anti-money laundering programme and practices.

Compliance with the programme would also have to be reviewed by an independent internal audit team two years after the approved settlement agreement. If results of the review are unsatisfactory, the regulator will direct an “outside independent person or entity” to conduct an additional review.

In the 2024 complaint, Resort World Las Vegas was accused of failing to prevent individuals with suspected ties to illegal gambling from engaging in gaming activities on its premises.

Prior to the settlement, Resort World Las Vegas worked with the Nevada Gaming Control Board to resolve the issue, and took steps to improve its compliance and governance, including leadership changes.

This included appointing industry veteran Jim Murren as the chairman and an independent board member of Resort World Las Vegas, while Alex Dixon was named chief executive officer. Other appointed board members included former Nevada Gaming Control Board chairman AG Burnett.

At the noon break on Friday, shares of Genting settled seven sen or 2.11% lower at RM3.25, valuing the group at RM12.6 billion.

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