The extension was spotlighted last week in the third-quarter earnings report from Resorts World’s parent company, Genting Berhad. The Nevada Gaming Control Board (NGCB) acknowledged to the Las Vegas Review-Journal on December 2nd that the casino requested and received the extension.
Filed initially on August 15, the 31-page document detailed severe misconduct at the Strip property. The board claimed that individuals suspected of and connected to illegal bookmaking, illegal gambling, and organized crime were welcomed at Resorts World, resulting in an overall lack of control.
The NGCB has appealed to the Nevada Gaming Commission (NGC) to take formal action against the casino. In Nevada’s regulatory system, the NGCB acts as the prosecutor, while the NGC functions as the judge and jury. Possible disciplinary measures include licence suspensions or revocations, fines, or placing the property under state supervision.
### Resorts World Tied to Illegal Bookmaking Incident
Resorts World is currently entangled in an illegal bookmaking controversy that has unsettled the industry. A key figure in the NGCB’s complaint is Mathew Bowyer, a bookie from California who has wagered millions at Resorts World since its opening in 2021.
Bowyer was the bookmaker for Ippei Mizuhara, formerly Shohei Ohtani’s Japanese-language interpreter. Mizuhara is pending sentencing after admitting to stealing about $17 million from the MLB star to settle debts with Bowyer. Resorts World was one of the venues where Bowyer and his network laundered money, alongside Pechanga Resort Casino in California. Additionally, Bowyer’s wife, Nicole, was employed by Resorts World as his personal host.
During that period, Scott Sibella was the president and COO of Resorts World. He was unexpectedly fired last September for breaching company policy, though specifics were scarce. Later, in May, he admitted to anti-money laundering violations from his time at MGM Grand, receiving one year of probation and a $9,500 fine. At MGM Grand, he allegedly permitted Wayne Nix, another notorious illegal bookie, to settle a $120,000 marker in cash.
The NGCB is reportedly conducting a separate investigation into Sibella, but details have not been revealed.
### Unfortunate Timing Following Q3 Results
The response comes at an inopportune time for the casino, which has just experienced its poorest quarterly performance in two years. The third-quarter revenue of $177 million represented an 18% decline from the second quarter’s $218 million. EBITDA fell even further, dropping by 68% from $50 million to $16 million.
According to the report, these results stemmed from two key factors: “an unusually hot summer in Las Vegas,” and “economic uncertainty during an election year.”
The company stated, “RWLV remains committed to pursuing growth opportunities, including enhancing our marketing database targeting high-net-worth clients to increase repeat visitation, growing with both established and emerging convention groups to deliver high-margin business, and investing in new dining concepts, entertainment, and retail offerings to leverage operations.”