• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Wynn Resorts unaware of money laundering probe

Nov 21, 2014 Newsdesk Latest News, World  


Wynn Resorts unaware of money laundering probe

U.S.-based casino operator Wynn Resorts Ltd says it is unaware of any probe by U.S. federal authorities for possible failure in its money-laundering controls. The statement came after the Wall Street Journal reported that the company was under investigation by prosecutors from two U.S. Attorney’s offices and the country’s Internal Revenue Service and Drug Enforcement Administration.

“We are not aware of any investigation of the company and no agency has notified the company that it is under any investigation,” company spokesman Michael Weaver told Reuters news agency in an email.

The Wall Street Journal reported that the U.S. Internal Revenue Service had sent a letter to Wynn Resorts’ outside lawyer requesting information on the company’s top clients worldwide from 2011 through 2013. That includes Asia, where Wynn Resorts owns and manages casino hotel Wynn Macau (pictured) via a subsidiary.

In the letter, the U.S. federal agency reportedly also requested details on the company’s marketing offices both in the United States and overseas, and its internal controls against money laundering.

The report said investigations are still in its early stages. Wynn Resorts has not been accused of any wrongdoing, the Wall Street Journal added.

“As a highly regulated business we are in a constant dialogue with regulators and governmental agencies on a variety of matters and the fact that information is requested from us by an agency in no way implies the accusation of wrongdoing by the company,” Mr Weaver told Reuters.

The Wall Street Journal quoted unidentified people familiar with the matter as saying that investigators are looking into whether Wynn Resorts violated any money laundering rules in its dealings with VIP players. Investigators are also reportedly trying to determine if any high roller used the company’s casinos to launder the proceeds of drug trafficking activities.

In September, Macau’s corruption watchdog said it was still investigating a US$50 million payment made by a subsidiary of Wynn Resorts to a Macau-registered company in exchange for the company relinquishing its rights to part of what is now the casino operator’s Cotai site.


  • tweet
Related articles
  • Macau ops hail key step of revised gaming law passage
    Macau ops hail key step of revised...

    Jun 22, 2022  

  • Wynn Macau Ltd parent loan not best sign for sector: MS
    Wynn Macau Ltd parent loan not best...

    Jun 15, 2022  

More news
  • Coughlan to exit as Wynn Macau Ltd president in February
    Coughlan to exit as Wynn Macau Ltd...

    Jul 06, 2022  

  • Fitch downgrades Crown, signs off on rating casino firm
    Fitch downgrades Crown, signs off on...

    Jul 06, 2022  


Latest News

Coughlan to exit as Wynn Macau Ltd president in February

Coughlan to exit as Wynn Macau Ltd president in February

Jul 06, 2022  

Macau casino operator Wynn Macau Ltd said on Wednesday that its long-serving president, Ian Coughlan (pictured), would be leaving his role in February next year. Linda Chen will take over as...
Read More
Fitch downgrades Crown, signs off on rating casino firm

Fitch downgrades Crown, signs off on rating casino firm

Jul 06, 2022  

Macau could launch gaming tender within days: JP Morgan

Macau could launch gaming tender within days: JP Morgan

Jul 06, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”As the Macau gaming revenue structure is now leaning heavily towards the mass business … once the border fully reopens, the recovery from mass should drive the sector to bounce more swiftly”

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at Sanford C. Bernstein



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Macau’s Grand Lisboa cordoned amid 13-case Covid clusterMacau’s Grand Lisboa cordoned amid 13-case Covid… July 5, 2022
  • Macau publishes amendment to public tender regulationMacau publishes amendment to public tender regulation July 5, 2022
  • Macau ops all likely had negative 2Q EBITDA: JP MorganMacau ops all likely had negative 2Q EBITDA: JP Morgan July 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us