Genting Bhd’s flagship U.S. resort, Resorts World Las Vegas (RWLV), is likely to retain its coveted gaming licence—but not without coughing up a hefty US$10.5 million (RM46.4 million) penalty. The fine is part of a proposed settlement with the Nevada Gaming Control Board (NGCB) following explosive allegations of ties to organised crime and illegal gambling activity on its premises.
Industry analysts believe RWLV’s decision to pay up and settle, rather than drag the issue into a full-blown hearing, signals a strategic move to contain damage and regain trust—both from regulators and high-rolling gamblers who may have quietly fled during the investigation. If the Nevada Gaming Commission approves the deal in its hearing this Thursday, it will go down as the second-largest fine in Nevada’s gaming history—a fact that underscores the gravity of the accusations.
At the heart of the controversy is a scathing complaint filed in August 2024, in which the NGCB alleged that individuals linked to illegal bookmaking operations and organised crime had been spotted and allowed to gamble on RWLV’s casino floor. The board alleged this created an atmosphere conducive to money laundering and illicit activity.
While RWLV hasn’t admitted wrongdoing, it has agreed to implement tighter anti-money laundering controls, undergo an independent compliance audit, and accept long-term regulatory scrutiny. The company also executed a top-down leadership overhaul, naming former MGM Resorts boss Jim Murren as chairman and bringing in heavyweights like ex-NGCB chair AG Burnett and former Malaysian investment banker Kong Han Tan to shore up its governance.
Analysts from Maybank Investment Bank say the fine is manageable—amounting to less than 5% of Genting’s projected FY2025 earnings—but the reputational fallout may take longer to heal.
Jim Murren – Former CEO of MGM Resorts International
“Gamblers are a cautious bunch,” Maybank IB noted. “Even those with nothing to hide often steer clear of properties under investigation, fearing unnecessary exposure.”
That fear may have already impacted RWLV’s bottom line. The resort’s Q4 FY2024 earnings before interest, taxes, depreciation, and amortisation (Ebitda) plummeted to around US$1.5 million (RM6.7 million)—a sharp dive from its previous quarterly average of US$48.8 million (RM216.3 million).
CIMB Securities, while retaining a “buy” call on Genting, described the fine as falling “on the lower end” of expectations, which ranged anywhere from US$7.5 million to a jaw-dropping US$75 million.
Meanwhile, Genting’s shares remain under pressure. The stock closed down 1.5% today at RM3.27, valuing the group at RM12.68 billion. It’s been a bruising year—down 15.1% year-to-date and nearly 32% lower than where it stood this time last year.
The question now isn’t just whether RWLV can bounce back—it’s whether Genting can afford another scandal of this magnitude. One thing’s certain: in the high-stakes world of gaming, the house doesn’t always win
