A former top executive for major Las Vegas casinos, Scott Sibella, has pleaded guilty to violating federal anti-money laundering rules. This admission came after he allowed an illegal bookmaker, Wayne Nix, to gamble millions of dollars at the MGM Grand and pay off debts in cash. Sibella faces a potential sentence of up to five years in prison and a $250,000 fine for his actions.
Following Sibella's guilty plea, the MGM Grand and the Cosmopolitan of Las Vegas settled a related U.S. Justice Department money laundering probe by agreeing to pay a combined $7.45 million. Additionally, they committed to undergoing an external review and enhancing their compliance programs to prevent such incidents in the future.
