KUALA LUMPUR: Genting Bhd
has agreed to pay a US$10.5mil fine to the Nevada Gaming Commission as part of a settlement over a complaint related to the operations of Resorts World Las Vegas.
Genting, in a filing with Bursa Malaysia, said its board of directors together with its unit Resorts World Las Vegas LLC (RWLV LLC) has signed the stipulation for settlement and order with Nevada Gaming Control Board (NGCB) dated March 20.
According to the terms of the settlement, RWLV LLC did not admit or deny the allegations in the complaint filed by the NGCB on Aug 15, 2024 but agreed to greater scrutiny of its anti-money laundering (AML) programme and practices.
RWLV LLC is also required to retain all employees' training records of the AML programme including attendance records.
It will also submit an independent audit of its AML compliance to the NGCB two years after the settlement is approved, covering the two years prior.
The settlement deal is still subject to approval by the Nevada Gaming Commission at its next monthly meeting on March 27.
