Fontainebleau Vegas Probed Over AML Rule Breaches
Key Takeaways
Fontainebleau Las Vegas is under investigation for potential violations of anti-money laundering (AML) regulations. At the centre of the inquiry: the resort’s lending practices. The Nevada Gaming Commission became inadvertently aware of the ongoing review during a public hearing. Particularly notable: a familiar name from previous AML investigations has resurfaced.
Background on Fontainebleau Las Vegas
Fontainebleau Las Vegas opened in December 2023 after years of delays and construction costs totalling approximately USD 3.7 billion. The property is owned by Jeffrey Soffer and Koch Real Estate Investments. It is the newest casino on the iconic Las Vegas Strip. Since January 2024, Maurice Wooden has served as President.
How the Investigation Came to Light
The investigation surfaced during a hearing regarding the licensing of Maurice Wooden. Commissioner Rosa Solis-Rainey raised questions about lending practices in connection with money laundering. Wooden appeared surprised and stated he was unaware of any such investigation. As a result, Nevada Gaming Control Board (NGCB) Chair Kirk Hendrick interrupted the discussion and requested the matter be reviewed internally.
Differing Views on Lending Practices
According to Fontainebleau executive Stacy Michaels, five player accounts were reviewed. The NGCB expressed concerns about three of them. In one instance, a credit application was denied by management but later approved at the ownership level. These internal inconsistencies raise questions about oversight and regulatory compliance.
Connection to Known AML Cases
One particularly noteworthy case involves Damien LeForbes. He was granted a USD 2 million credit line in January 2024. LeForbes is a known figure: considered an illegal bookmaker and a former professional poker player. His name has appeared in other AML investigations, including those involving MGM Resorts and Resorts World. He is also linked to Matt Bowyer, another individual involved in ongoing gambling scandals.
Fontainebleau’s Response
The resort described the matters as an “ongoing review” and expressed satisfaction with Maurice Wooden’s suitability determination. However, Wooden was granted only a temporary two-year licence—contrary to the NGCB’s full recommendation.
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Impact on the Industry
The investigation at Fontainebleau once again highlights the issue of lending practices in U.S. casinos. Especially in Las Vegas, it is common practice to extend large credit lines to players. These processes are subject to strict AML regulations. Violations can result in fines, licence revocation, or reputational damage.
Our Assessment
The ongoing AML review at Fontainebleau Las Vegas illustrates the sensitivity of credit issuance in the gambling sector. The fact that internal decisions were apparently inconsistent points to structural weaknesses. The connection to known AML cases further escalates the situation. For players, this means: trust is good, but transparency and regulation are crucial. Keep a close eye on developments if you’re interested in U.S. casinos.
Sources
- Nevada Current
- Las Vegas Review-Journal
- Gaming Today
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