The former president of the MGM Grand casino is set to face sentencing after being found guilty of failing to report a bookie’s bets. The details surrounding the case have yet to be disclosed. However, it’s a criminal offense for casino employees to knowingly disregard suspicious activities and not report to the relevant authorities.
Such reporting is part of the anti-money laundering protocols that casinos must adhere to under the Bank Secrecy Act. Failure to do so can potentially result in hefty fines, and in serious cases like this, prison sentences.
The identity of the bookie has not been made public at this time, and it’s unclear how much the unreported bets are worth. It’s also uncertain whether the former president was directly involved in the betting itself or knowingly turned a blind eye to the illicit activities.
The sentencing is scheduled to take place later this year where the severity of the punishment is going to be determined by multiple factors including the sum of the unreported bets, the level of the former President’s involvement, and the potential harm to the casino’s reputation.
