Nevada Gaming Commission Approves $7.2 Million Fine Against The Venetian’s Current Owners Over Illegal Bookmaker Mathew Bowyer

The Nevada Gaming Commission voted 3-0 on Thursday to approve a settlement requiring The Venetian’s current owners to pay a $7.2 million fine and overhaul their anti-money-laundering procedures after the resort failed to stop convicted illegal bookmaker Mathew Bowyer from gambling at the property between 2019 and 2021. Commissioners Richard Schonfeld and George Markantonis recused themselves due to potential conflicts of interest tied to prior roles at the property.

The penalty is the fourth tied to Bowyer’s activity at Las Vegas Strip casinos, pushing the total fines connected to his illegal bookmaking operation to $34 million across four operators, following prior settlements against Resorts World Las Vegas ($10.5 million), MGM Resorts International ($8.5 million), and Caesars Entertainment ($7.8 million).

What the Complaint Found

According to the four-count complaint from the Nevada Gaming Control Board (NGCB), Bowyer made roughly 30 trips to The Venetian during the three-year span, depositing more than $22.3 million and losing at least $3.6 million at the casino. Michael Somps, senior deputy attorney general with the Nevada attorney general’s office, told the Commission that Bowyer had been a Venetian patron since 1999, and the property had concerns about his source of funds as early as 2019.

Somps confirmed that a casino host knew Bowyer was an illegal bookmaker because “he told him,” yet failed to report that information as required under the property’s AML program. Investigators also found the casino did not adequately verify that Bowyer’s disclosed income supported his level of play. Both Somps and NGCB Chair Mike Dreitzer noted the $7.2 million figure represents roughly twice Bowyer’s losses at the property.

Compliance Overhaul Required

Under the settlement terms, The Venetian must maintain or increase its current AML compliance staffing for at least two years and conduct annual reviews of its AML policy, reporting any changes to the Control Board chair. The property has 60 days to run a comprehensive, in-person training program for independent agents, casino hosts, marketing staff, and anyone with credit authority of $50,000 or more. It also has 60 days to designate a person with primary responsibility for the AML program and 30 days to file for suitability or licensure with the Control Board.

The Venetian must additionally participate in the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) Section 314(b) information-sharing program, which allows financial institutions to voluntarily share information under a legal safe harbor. Dreitzer said he expects to issue proposed regulations by year’s end that would make Section 314(b) compliance mandatory for all Nevada gaming licensees.

Apollo’s Liability for Prior Ownership

The bulk of Bowyer’s activity at The Venetian took place while Las Vegas Sands still owned the property, before Apollo Global Management completed its $6.25 billion acquisition of The Venetian, Palazzo, and Venetian Expo in February 2022. Somps called that timing a mitigating factor, noting Apollo obtained a new gaming license and took control of operations only after most of Bowyer’s play had already occurred. Of the $3.6 million Bowyer lost at the property, only $88,000 came after Apollo took over, according to Greg Brower, an attorney representing The Venetian.

Bowyer was formally banned from The Venetian on March 11, 2024, once officials received information about his illegal bookmaking activities. Venetian President and CEO Patrick Nichols and Chief Compliance Officer Calvin Siemer attended Thursday’s hearing, with Brower telling commissioners the operator “very much regrets the circumstances that led to this settlement agreement.”

Commissioner Brian Krolicki did not hide his frustration with the case, saying, “This just infuriates me. This embarrasses me. It’s bad for Nevada. It’s certainly not good for our gaming industry.” He also questioned why it took until 2019 for red flags to surface despite Bowyer having played at the property for 25 years, warning that any future violations tied to similar conduct would draw a harsher response from the Commission. Bowyer pleaded guilty in 2024 to running an illegal gambling business, money laundering, and filing a false tax return, and was sentenced to just over a year in federal prison before being paroled in March.

The Bowyer cases have become one of the more closely watched compliance sagas in Nevada gaming in recent years, and with regulators signaling that mandatory Section 314(b) participation could soon apply industrywide, sportsbooks and casinos alike are keeping an eye on how sports betting regulation in Nevada continues to evolve in its wake.