The Nevada Gaming Commission approved a 7.2 million dollar settlement Thursday against the current owners of The Venetian, after investigators found that casino staff knowingly allowed a convicted illegal bookmaker to deposit more than 22.3 million dollars over roughly three years without filing required reports.
The bookmaker, Mathew Bowyer, had been a Venetian patron since 1999. By at least 2019, a casino host knew Bowyer ran an illegal bookmaking operation — Bowyer had told him directly — and continued to serve him without triggering the anti-money-laundering disclosures the casino's own compliance program required. Bowyer lost at least 3.6 million dollars at the property during the period covered by the complaint.
The fine is set at twice Bowyer's losses. The Commission voted 3-0 to approve the settlement, with two commissioners recusing themselves over prior ties to the property.
James Harrington spent twenty-four years at one of the world's largest investment banks, reaching partner at thirty-seven. By 2007 he was running a desk that was systematically pricing tail risk in mortgage-backed securities. He was right for eighteen months before the crisis arrived.
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