Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Former MGM Grand casino president to be sentenced for failing to report bookie’s bets

by admin May 9, 2024
May 9, 2024
Former MGM Grand casino president to be sentenced for failing to report bookie’s bets

The former president of the MGM Grand casino in Las Vegas is set to be sentenced Wednesday afternoon on a federal criminal charge related to his failure to report millions of dollars in wagers by an illegal bookmaker at his casino.

Scott Sibella, the ex-MGM executive, pleaded guilty in January to one count of failure to file reports of suspicious transactions required to be made by casinos under the Bank Secrecy Act.

Sibella’s lawyers have asked that he be sentenced to probation, as have prosecutors.

Sibella admitted knowing that a patron of his casino, Wayne Nix, ran an illegal bookmaking business, according to the Department of Justice.

“Despite this knowledge, Sibella allowed Nix to gamble at MGM Grand and affiliated properties with illicit proceeds generated from the illegal gambling business without notifying the casino’s compliance department,” the DOJ said in a press release in January.

“Not only did Sibella allow Nix to gamble at the casino, he also authorized Nix to receive complimentary benefits at the casino, including meals, room, board and golf trips with senior executives and other high net-worth customers of the casinos to further encourage Nix to patronize the casino and/or other affiliated properties,” the DOJ added in the statement.

At the time of Sibella’s guilty plea, the DOJ also said it had resolved an investigation into alleged violations of money laundering laws and the Bank Secrecy Act at MGM Grand and The Cosmopolitan of Las Vegas. The casinos agreed to settlements that required them to pay a combined $7.45 million, as well as to enhance their anti-money laundering compliance program.

“In their respective [non-prosecution agreements] MGM Grand and the Cosmopolitan each accepted

responsibility for laundering Nix’s illicit funds and failing to properly file suspicious activity reports (SARs) on Nix, who conducted numerous transactions involving millions of dollars at the casinos between 2017 and 2020,” the DOJ said at that time.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Sony and Apollo send letter expressing interest in $26B Paramount buyout as company considers Skydance bid
next post
Summer box office bust? This season’s movie slate could put up the lowest haul in decades

Related Posts

Chipotle to launch Adobo Ranch dip after sluggish...

June 11, 2025

U.S. homebuilders raise alarm over tariffs as sentiment...

February 20, 2025

AI-powered sports media company raises $13 million, led...

February 13, 2025

Yum Brands earnings miss estimates as KFC, Pizza...

November 7, 2024

Inside the $1 billion berry startup backed by...

April 24, 2025

Cucumbers shipped to 14 states recalled over Salmonella...

June 4, 2024

Retailers shift their thinking on delivery as consumer...

July 25, 2024

Women’s basketball league Unrivaled signs uniform deal with...

December 11, 2024

Jeep expects to grow plug-in hybrid SUV sales...

June 4, 2024

Netflix inks deal to stream its first NFL...

May 16, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Comer vows ‘accountability,’ Trump rips ‘scandal’ after bombshell report on Biden autopen pardons

      September 9, 2025
    • Supreme Court temporarily greenlights firing of Biden-appointed FTC commissioner

      September 9, 2025
    • LAPD ends Kamala Harris security after union backlash over elite officer use: report

      September 9, 2025
    • Federal appeals court upholds $83.3M E. Jean Carroll judgment against Trump

      September 9, 2025
    • Thune lays groundwork for nuclear option in Senate fight over Trump nominees

      September 9, 2025

    Categories

    • Business (1,103)
    • Investing (2,996)
    • Politics (3,662)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved