Following the announcement of the $4.3 billion hotel in September, Scott Sibella, the previous president of Resorts World Las Vegas, was fired. As a result, he is currently facing fines and maybe even jail time. Three complaints have been made against him by the Nevada Gaming Control Board (NGCB).
Allegations of Anti-Money Laundering Violations
The NGCB’s complaint stems from Sibella’s tenure as President of the MGM Grand in Las Vegas. According to the complaint, Sibella violated federal anti-money laundering compliance programs by authorizing MGM casino marketing representatives to enable alleged illegal bookmaker Wayne Nix to gamble millions of dollars and settle debts in cash.
“Sibella failed to comply with MGM Resorts International’s anti-money laundering policy and failed to comply with MGM Grand’s internal controls that required Sibella to report suspicious activities regarding Nix,” stated the NGCB in the complaint.
The acts of former workers and the shortcomings in their anti-money laundering compliance processes resulted in the imposition of fines of $7.45 million by the NGCB on MGM Grand and The Cosmopolitan.
Prosecutors filed a guilty plea in US District Court against Sibella for neglecting to disclose suspicious transactions, which is a requirement for casinos, and that marked the beginning of his judicial ordeal. Sibella’s sentencing is set for May 8; a maximum term of five years in prison is anticipated. A fine of about $10,000 along with a year of probation have been suggested by both the prosecutor and his lawyer.
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