Wynn Resorts Limited
09/06/2024 | Press release | Distributed by Public on 09/06/2024 15:26
Material Event Form 8 K
| Item 8.01 | Other Events. |
On September 6, 2024, Wynn Las Vegas, LLC ("Wynn Las Vegas"), a wholly owned indirect subsidiary of Wynn Resorts, Limited, entered into a non-prosecution agreement (the "NPA") with the United States Attorney's Office for the Southern District of California and the United States Department of Justice (the "DOJ"), resolving the previously-disclosed investigation into various transactions at Wynn Las Vegas relating to certain patrons who reside or operate in foreign jurisdictions which were facilitated by former employees, agents and other third parties that were unlicensed money transmitting businesses, in violation of 18 U.S.C. § 1960.
Pursuant to the NPA, Wynn Las Vegas agreed to forfeit $130 million in funds involved in the transactions at issue and continue to make certain enhancements to its compliance program. The DOJ agreed that, subject to Wynn Las Vegas's fulfillment of its obligations under the NPA, it will not bring any criminal charges against Wynn Las Vegas concerning the subject matter of its investigation, subject to standard reservations of rights and certain reserved claims.
In reaching the resolution set forth in the NPA, the DOJ took into account the historical nature of the transactions at issue; Wynn Las Vegas's cooperation with the DOJ's multi-year investigation; that Wynn Las Vegas no longer employs or is affiliated with any of the individuals implicated in the transactions at issue; and Wynn Las Vegas's extensive remedial measures, many of which were undertaken prior to the parties entering into the NPA.
The NPA resolves all prior U.S. federal regulatory inquiries commenced in or about 2014 regarding compliance by Wynn Las Vegas with 18 U.S.C. § 1960 and the Bank Secrecy Act.