Mirage volcano erupts on Las Vegas Strip for the last time ahead of closure
The iconic volcano in front of the Mirage Hotel and Casino erupted for the last time Tuesday night, as FOX 5 Las Vegas shows, ahead of its July 17, 2024 closure.
Wynn Resorts has agreed to forfeit $130 million to settle an investigation by the Department of Justice into unlicensed foreign betting.
The DOJ said in a news release Friday that the company’s flagship location, Wynn Las Vegas, agreed to forfeit more than $130 million to settle "criminal allegations that it conspired with unlicensed money transmitting businesses worldwide to transfer funds for the financial benefit of the casino."
The publicly traded company said a non-prosecution settlement reached Friday represented a monetary figure identified by the DOJ as "funds involved in the transactions at issue" at the Wynn Las Vegas resort.
The company said the forfeiture wasn't a fine and findings in the decade-long case didn't amount to money laundering.
ICONIC LAS VEGAS HOTEL THE MIRAGE CLOSES ITS DOORS
General views of the Wynn and Encore Las Vegas hotels on April 15, 2024, in Las Vegas, Nevada. (AaronP/Bauer-Griffin/GC Images / Getty Images)
Wynn Resorts said it severed ties with all people and businesses involved in what the government characterized as "convoluted transactions" overseas.
The Justice Department on Friday detailed several methods that were used to transfer money between Wynn Las Vegas and people in China and other countries.
One, dubbed "Flying Money," involved an unlicensed money agent using multiple foreign bank accounts to transfer money to the casino for use by a patron who could not otherwise access cash in the U.S.
Another involved having a person referred to as a "Human Head" gamble at the casino at the direction of another person who was unwilling or unable to place bets because of anti-money laundering and other laws.
The Justice Department said one person, acting as an independent agent for the casino, conducted more than 200 money transfers worth nearly $18 million through bank accounts controlled by Wynn Las Vegas "or associated entities" on behalf of more than 50 foreign casino patrons.
An aerial view of the Wynn Las Vegas, luxury resort and casino. (Aaron M. Sprecher/Getty Images / Getty Images)
Wynn Resorts called its agreement with the government a final step in a six-year effort to "put legacy issues fully behind us and focus on our future."
A Securities and Exchange Commision filing noted the investigation began around 2014.
It did not mention former CEO Steve Wynn. However, the parent company has since 2018 been enmeshed with legal issues surrounding his departure after sexual misconduct allegations against him.
Now 82 and living in Florida, Wynn has said he has no remaining ties to his namesake company. He has consistently denied committing sexual misconduct.
The DOJ said Friday that as part of its investigation, 15 people previously admitted money laundering, unlicensed money transmission or other crimes, paying criminal penalties of more than $7.5 million.
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Gxstocks has reached out to Wynn Resorts for comment but did not hear back before publication.
